Water resources are of extreme importance for both human society and the environment. However, human activity has increasingly resulted in the contamination of these resources with a wide range of materials that can prevent their use. Nanomaterials provide a possible means to reduce this contamination, but their removal from water after use may be difficult. The addition of a magnetic character to nanomaterials makes their retrieval after use much easier. The following review comprises a short survey of the most recent reports in this field. It comprises five sections, an introduction into the theme, reports on single magnetic nanoparticles, magnetic nanocomposites containing two of more nanomaterials, magnetic nanocomposites containing material of a biologic origin and finally, observations about the reported research with a view to future developments. This review should provide a snapshot of developments in what is a vibrant and fast-moving area of research.