<p>The widespread presence of microplastics (MPs) and nanoplastics (NPs) in the terrestrial and aquatic environments is posing a great threat globally. MPs/NPs pervade our environment in different forms and sizes. Their widespread presence can negatively affect aquatic organisms, soil, wildlife, birds, and humans. As a result, it becomes critical to develop remediation options for MPs/NPs. Among numerous materials, magnetic nanomaterials are one of the potential thrust areas for mitigating MP/NP pollution. In the present review, we discuss the recent developments in applying magnetic nanomaterials (such as nanoscale zero-valent iron, iron oxide nanoparticles, magnetic nanocomposites, spinel ferrites, and magnetic perovskites) for MP/NP removal from various matrices. Different methods including adsorption, coagulation removal, and degradation have been highlighted in detail to remediate MPs/NPs. Then, the performance comparison between different technologies and magnetic nanomaterials has been done to highlight their relative efficiencies, limitations, and suitability for MP/NP remediation. Finally, the limitations, practical challenges in real contaminated ecosystems, and future solutions for the use of magnetic nanomaterials are discussed.</p> Graphical abstract <p></p>