Superhydrophobic magnetic nanomaterials (SHMNMs) are emerging as multifunctional platforms for efficient oil-water separation due to their combination of extreme water repellency, strong oil affinity, and external magnetic responsiveness. This review presents a comprehensive analysis of recent advances in the design, synthesis, and environmental application of SHMNMs. The theoretical foundations of superhydrophobicity and the physicochemical behavior of magnetic nanoparticles are first outlined, followed by discussion of their synergistic integration. Key fabrication techniques-such as sol-gel synthesis, electrospinning, dip-coating, laser-assisted processing, and the use of biomass-derived precursors-are critically assessed in terms of their ability to tailor surface morphology, chemical functionality, and long-term durability. The review further explores the mechanisms of oil adsorption, magnetic separation, and material reusability under realistic environmental conditions. Special attention is paid to the scalability, mechanical resilience, and environmental compatibility of SHMNMs in the context of water treatment technologies. Current limitations, including reduced efficiency in harsh media, potential environmental risks, and challenges in material regeneration, are discussed. This work provides a structured overview that could support the rational development of next-generation superhydrophobic materials tailored for sustainable and high-performance separation of oil and organic pollutants from water.