The linear and nonlinear properties of low‐frequency motion in inhomogeneous, magnetized, dusty plasmas are investigated. The dynamics of the dust grains are taken into account by means of a fluid model. A new type of low‐frequency waves, the dust‐drift waves, is shown to exist. The nonlinear mode coupling equations are derived, and the possibility of propagating vortex structures is discussed. The dust‐drift waves may be relevant in astrophysical and cometary plasmas.