Magnetic nanoparticles (MNPs) can be manipulated using an external magnetic field and are being researched for applications in catalysis, data storage, and biomedical fields. Various synthesis methods including co-precipitation, microemulsion, thermal decomposition, hydrothermal, and others affect the properties of MNPs, such as size and shape. MNPs have significant applications in enhancing MRI, drug delivery, magnetic storage, and more.