In recent decades, the use of engineered nanoparticles has been increasing in various sectors, including biomedicine, diagnosis, water treatment, and environmental remediation leading to significant public concerns. Among these nanoparticles, magnetic nanoparticles (MNPs) have gained many attentions in medicine, pharmacology, drug delivery system, molecular imaging, and bio-sensing due to their various properties. In addition, various studies have reviewed MNPs main applications in the biomedical engineering area with intense progress and recent achievements. Nanoparticles, especially the magnetic nanoparticles, have recently been confirmed with excellent antiviral activity against different viruses, including SARS-CoV-2(Covid-19) and their recent development against Covid-19 also has also been discussed. This review aims to highlight the recent development of the magnetic nanoparticles and their biomedical applications such as diagnosis of diseases, molecular imaging, hyperthermia, bio-sensing, gene therapy, drug delivery and the diagnosis of Covid-19.