There are significant challenges associated with the diagnosis of prostate cancer (PCa) due to the insufficient specificity of prostate-specific antigen (PSA) screening, which leads to an excessive number of diagnoses and undesirable invasive procedures. The scenario highlights the need for doctors to have more precise diagnostic instruments that employ non-invasive detection techniques, as well as enhanced sensitivity characteristics. By providing great sensitivity and lower device size capabilities, magnetic biosensors serve as an advanced diagnostic technology, showing potential to meet clinical demand. This work presents a comprehensive survey of magnetic biosensing developments for the identification of prostate cancer. Beginning with the fundamentals, we describe how magnetic nanoparticles (MNPs) both enable several applications and act as detection controllers. We also discuss typical magnetic detection techniques: giant magnetoresistance (GMR), tunnel magnetoresistance (TMR), and magnetic particle relaxation (MPR). The study emphasizes several PCa detection indicators, including well-known ones like PSA, as well as new ones like PCA3 and exosomes, along with circulating tumor cells (CTCs). Different biosensor systems that detect proteins, nucleic acids, and biological targets are evaluated for their sophisticated multiplexed detection capabilities. Accompanying the review of validation progress and benchmarking against current clinical standards, a rigorous analysis of essential performance criteria, including sensitivity, specificity, and limit of detection, follows. The chapter looks at how three key developments in the research, particularly microfluidics and point-of-care systems with advanced materials and data analytics, can improve the field. Before discussing the next possibilities and possible advances in early detection and individualized care of prostate cancer, this part describes both current technological challenges and translation hurdles to magnetic biosensors.