The development of any society is in direct proportion to the advancements employed towards the growth of various sectors. The interpretation of the magnetic properties of nanoscale particles is a primary field of interest. The multidisciplinary spectrum of applications for magnetic nanoparticles (MNPs) has increased their employment in the various fields of geology, physics, medicine, biology etc. The development of nanotechnology in conjunction with molecular biology has directed the evolution of nanoparticles (NPs) with functional characteristics which are more effective than traditional diagnostic and treatment methods. The multidisciplinary applications of NPs have witnessed an emphasized growth in the biomedical field with an increased use of magnetic nanoparticles (MNPs) owing to their magnetic properties. The effective nanostructure construction with modified features of NPs including customized drug release pattern with reduced degrading side effects is a consequence of integrated development. The novel properties of MNPs have led to increased impetus towards their synthesis at the nanometer scale with modified physical and chemical properties. The various types of NPs include metallic and bimetallic with superparamagnetic iron oxide nanoparticles (SPIONs) being broadly used owing to their less noxious nature. The variance in combinations of synthesis and applications for MNPs in imaging and curative tasks is considerable. Thus, the biomedical field has a wide scope for MNPs with various configurations of physical, chemical, and bioactive properties. Novel methodologies of improvement through synthesis and development of functionalized MNPs with better selectivity and stability etc. are being explored. Consequently, enhanced applications of MNPs will supposedly develop at various levels of analytical processes including remediation, separation, and diagnosis. Some other viable fields of employment for conjunctive MNPs with conventional NPs include microflow analysis etc. Hence, the present role of functionalized MNPs in analytical chemistry paves the way to future potential applications at a very broad level.