In recent past magnetic nanoparticles have been explored for a number of biomedical applications due to their superparamagnetic moment with high magnetic saturation value. For the various biomedical applications, magnetic nanoparticles are require to being monodispersed so that the individual nanoparticle has almost identical physico-chemical properties for biodistribution, bioelimination and contrast imaging potential. Further, the surface functionalization/modification of magnetic nanoparticles ultimately facilitates the enzyme immobilization, remediation of heavy metal ions, drug delivery and hyperthermia applications. The essential goal of this work is to evaluate the recent advances of magnetic nanoparticles for different biomedical applications.