[en] The rapid development of advanced nanotechnology has continuously changed many aspects of society. One important nanostructured material, magnetic nanoparticles (NPs), has applications in many areas including clean energy, biology and engineering because of their special magnetic properties. The synthesis of magnetic nanomaterials with desired sizes and morphology has attracted great attention. Nanomaterials with different properties can be combined to construct multifunctional nanoplatforms through systematic surface engineering. The surface modification of magnetic NPs presents the opportunity for them to be used in many practical applications. Functionalized magnetic NPs have been successfully applied in catalysis, as thermoelectric materials, for drug delivery, as imaging agents in nuclear magnetic resonance and in biosensors. In this review, synthetic methods for magnetic NPs and some of their important properties are described. Then the latest progress of the application of magnetic NPs in energy and biology has been summarized and discussed. Finally, we discuss some issues that still need to be solved and the prospects for magnetic NPs. (topical review)