Magnetic transmission technology is contact-free and lubrication-free. With the development of rare earth materials, magnetic transmission offers advantages like traditional mechanical equipment, such as large bearing capacity and high torque density. Consequently, magnetic transmission technology has become a potential substitute for mechanical equipment. Although magnetic field modulation equipment based on modulation rings has a high carrying capacity, it is limited by the choice of pole pairs, resulting in a small transmission ratio. This limitation restricts the broader application of magnetic transmission technology. To solve the abovementioned problems, this paper introduces a form of magnetic transmission developed from nutation drive, characterized by high torque density and a large transmission ratio. The working principle and force generation mechanism of the magnetic nutation transmission (MNT) were then introduced and discussed. Then, the topological structure and related theoretical research aimed at improving the MNT performance were comprehensively demonstrated, clarifying the current development status of the MNT. Finally, the performance of the MNT was compared with the coaxial magnetic gear. The advantages and disadvantages of the MNT were summarized based on comparison results, and its potential applications and critical challenges were analyzed.