Nanocatalysis is an emerging area of research that has attracted much attention over the past few years. It provides the advantages of both homogeneous as well as heterogeneous catalysis in terms of activity, selectivity, efficiency and reusability. Magnetically recoverable nanocatalysts provide a larger surface area for the chemical transformations where the organic groups can be anchored and lead to decrease in the reaction time, increase in the reaction output and improve the atom economy of the chemical reactions. Moreover, magnetic nanocatalysts provide a greener approach towards the chemical transformations and are easily recoverable by the aid of an external magnet for their reusability. This review aims to give an insight into the important work done in the field of magnetically recoverable nanocatalysts and their applications in carbon–carbon and carbon–heteroatom bond formation.