The magnetic coupling resonant wireless power transfer (MCR-WPT) system is considered to be the most promising wireless power transfer (WPT) method because of its considerable transmission power, high transmission efficiency, and acceptable transmission distance. For achieving magnetic concentration, magnetic cores made of magnetic materials are usually added to MCR-WPT systems to enhance the coupling performance. However, with the rapid progress of WPT technology, the traditional magnetic materials gradually become the bottleneck that restricts the system power density enhancement. In order to meet the electromagnetic characteristics requirements of WPT systems, high-performance Mn-Zn and Ni-Zn ferrites, amorphous, nanocrystalline, and metamaterials have been developed rapidly in recent years. This paper introduces an extensive review of the magnetic materials of WPT systems, concluding with the state-of-the-art WPT technology and the development and application of high-performance magnetic materials. In addition, this study offers an exclusive reference to researchers and engineers who are interested in learning about the technology and highlights critical issues to be addressed. Finally, the potential challenges and opportunities of WPT magnetic materials are presented, and the future development directions of the technology are foreseen and discussed.