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Magnetic materials have brought innovations in the field of advanced materials. Their incorporation in aerogels has certainly broadened their application area. Magnetic aerogels can be used for various purposes from adsorbents to developing electromagnetic interference shielding and microwave absorbing materials, high-level diagnostic tools, therapeutic systems, and so on. Considering the final use and cost, these can be fabricated from a variety of materials using different approaches. To date, several studies have been published reporting the fabrication and uses of magnetic aerogels. However, to our knowledge, there is no review that specifically focuses only on magnetic aerogels, so we attempted to overview the main developments in this field and ended our study with the conclusion that magnetic aerogels are one of the emerging and futuristic advanced materials with the potential to offer multiple applications of high value.