The use of magnetic composites in wastewater treatment has become widespread due to their high flocculating characteristics and ferromagnetism. This review provides an analysis and summary of the preparation and application of magnetic composites through controllable assembly for use in wastewater treatment. The applications of magnetic composites include the treatment of dye wastewater, heavy metal wastewater, microalgae suspensions, and oily wastewater. Additionally, the recycling and regeneration of magnetic composites have been investigated. In the future, further research could be focused on improving the assembly and regeneration stability of magnetic composites, such as utilizing polymers with a multibranched structure. Additionally, it would be beneficial to explore the recycling and regeneration properties of these composites.