Surface functionalization of nano-magnetic nanoparticles is a well-designed way to bridge the gap between heterogeneous and homogeneous catalysis. The introduction of magnetic nanoparticles (MNPs) in a variety of solid matrices allows the combination of well-known procedures for catalyst heterogenization with techniques for magnetic separation. Magnetite is a well-known material, also known as ferrite (Fe₃O₄), and can be used as a versatile support for functionalization of metals, organocatalysts, N-heterocyclic carbenes, and chiral catalysts. It is used as a support for important homogeneous catalytically active metals such as Pd, Pt, Cu, Ni, Co, Ir, etc. to obtain stable and magnetically recyclable heterogeneous catalysts. Homogeneous organocatalysts can be successfully decorated with linkers/ligands on the surface of magnetite or alternatively the organocatalysts can be directly immobilized on the surface of magnetite. The functionalized magnetically retrievable catalysts or nanocatalysts that are increasingly being used in catalysis, green chemistry and pharmaceutically significant reactions are summarized in this review.