The escalating demand for food, driven by a rapidly growing population, necessitates the implementation of intelligent and sustainable strategies in crop production. Among these innovations, the integration of various nanomaterials has emerged as a promising frontier, offering a transformative leap in modern agricultural practices. Notably, magnetic nanoparticles (MNPs) have shown significant potential, with their morphology, particle size, surface characteristics, and magnetic properties playing a crucial role in enhancing plant physiological responses, promoting soil rejuvenation, and boosting soil fertility. These distinctive features confer functional advantages to MNPs over other nanomaterials, positioning them as strong candidates for targeted, efficient, and sustainable agricultural applications. In this manuscript, we summarize the classification and synthesis techniques of MNPs, as well as their advantages and limitations, which highlight their potential applications in agriculture. The central focus of this review article is to provide a comprehensive overview of the multifaceted applications of MNPs in addressing critical agricultural challenges and driving innovation in sustainable farming practices.