Colorimetric sensors for the rapid detection of numerous analytes have been widely applied in many fields such as biomedicine, food industry and environmental science due to their highly sensitive and selective response, easy operation and visual identification by naked eyes. In this review, the recent progress of the colorimetric sensors based on the magnetic nanomaterials with unique nanozymes-like catalytic activity (magnetic nanozyme) and their colorimetric sensing applications are presented. Emerging magnetic nanozyme-based colorimetric sensors, such as metal oxide/sulfides-based, metal-based, carbon-based, and aptamer-conjugated magnetic nanomaterials, offer many desirable features for target analytes detection. And due to the unique nanoscale physical-chemical properties, magnetic nanozymes have been used to mimic the catalytic activity of natural enzymes such as peroxidases, oxidases and catalases. This review also highlights the catalytic mechanisms of enzyme-like reactions, and promising colorimetric sensing system for the detection of chemical compounds like HO, pesticide, ascorbic acid, dopamine, tetracyclines, perfluorooctane sulfonate, phenolic compounds, heavy metal ion and sulfite have been deeply discussed. In addition, the remaining challenges and future directions in utilizing magnetic nanozyme for colorimetric sensors are addressed.