Recently, the preparation and applications of magnetic nanostructures have attracted increasing attention in nanocatalysis studies, and magnetic nanoparticle (MNP) functionalized catalysts have been applied in important reactions such as Suzuki–Miyaura and Heck couplings. The modified nanocomposites demonstrate significant catalytic efficiency and excellent benefits in the context of catalyst recovery methods. This review discusses the recent modified magnetic nanocomposites in the field of catalytic applications along with the synthetic processes that are usually employed.