Surface‐enhanced Raman scattering (SERS) spectroscopy, a highly sensitive technique for detecting trace‐level analytes, relies on plasmonic substrates. The choice of substrate, its morphology, and the excitation wavelength are crucial in SERS applications. To address advanced SERS requirements, the design and use of efficient nanocomposite substrates have become increasingly important. Notably, magnetic‐plasmonic (MP) nanocomposites, which combine magnetic and plasmonic properties within a single particle system, stand out as promising nanoarchitectures with versatile applications in nanomedicine and SERS spectroscopy. In this review, we present an overview of MP nanocomposite fabrication methods, explore surface functionalization strategies, and evaluate their use in SERS. Our focus is on how different nanocomposite designs, magnetic and plasmonic properties, and surface modifications can significantly influence their SERS‐related characteristics, thereby affecting their performance in specific applications such as separation, environmental monitoring, and biological applications. Reviewing recent studies highlights the multifaceted nature of these materials, which have great potential to transform SERS applications across a range of fields, from medical diagnostics to environmental monitoring. Finally, we discuss the prospects of MP nanocomposites, anticipating favorable developments that will make substantial contributions to various scientific and technological areas.