In recent years, there is a meteoric rise in the prevalence of electronic wearables, and flexible wearables have attracted tremendous attention in human–machine interfaces due to their high biocompatibility, functionality, conformability, and low‐cost. Flexible magnetic smart skin is part of this rapidly progressing field of flexible wearable electronics, which has paved the way for a new path for human perceptual development, as they may form a new perception, also known as magnetic sense, that is, the capacity to detect and interact with magnetic fields. In this review, the concept of the magnetic smart skin is defined: magnetoelastomers and flexible magnetic sensors. In magnetoelastomers, different sources of magnetic field, structures, and applications are summarized by recent and renowned research. In flexible magnetic sensors, different flexible substrates, sensor types, and applications are also summarized. This review further concludes by discussing the outlook and current challenges of magnetic smart skin in human–machine interfaces.