Since their discovery, magnetic nanoparticles (MNPs) have become materials with great potential, especially considering the applications of biomedical sciences. A series of works on the preparation, characterization, and application of MNPs has shown that the biological activity of such materials depends on their size, shape, core, and shell nature. Some of the most commonly used MNPs are those based on a magnetite core. On the other hand, synthetic biopolymers are used as a protective surface coating for these nanoparticles. This review describes the advances in the field of polymer-coated MNPs for protein immobilization over the past decade. General methods of MNP preparation and protein immobilization are presented. The most extensive section of this article discusses the latest work on the use of polymer-coated MNPs for the physical and chemical immobilization of three types of proteins: enzymes, antibodies, and serum proteins. Where possible, the effectiveness of the immobilization and the activity and use of the immobilized protein are reported. Finally, the information available in the peer-reviewed literature and the application perspectives for the MNP-immobilized protein systems are summarized as well.