As people’s material quality of life continues to improve, water resources become subjected to varying degrees of contamination. As one of the most commonly utilised agents in water treatment, a flocculant exhibits a diverse range of forms and a vast scope of applications. However, the application of flocculants gives rise to a series of issues, including the use of large doses, the formation of sludge, the difficulty of recycling flocculants, and other concerns. The development of new flocculation technology has become a crucial step in enhancing the purification of wastewater and reducing environmental pollution. Magnetic flocculation can be classified into two main categories: magnetic seeds flocculation and magnetic flocculation. This paper presents an overview of the factors influencing magnetic flocculation, including the type of magnetic seeds, magnetic seeds particle size, and other pertinent considerations. Furthermore, the classification of magnetic flocculants in the process of magnetic flocculation is discussed. This includes the types of magnetic flocculant, namely, inorganic composite magnetic flocculants, organic composite magnetic flocculants, and biological composite magnetic flocculants. Inorganic composite magnetic flocculants are inexpensive and simple to produce; however, their dosage is considerable, and the resulting floc is not tightly formed, which impairs the efficacy of flocculation. The use of organic composite magnetic flocculants requires a smaller dosage and exhibits a strong flocculating ability; however, it may possess toxic properties and potentially cause harm to the water body. The biological composite magnetic flocculant exhibits high efficiency and no pollution, yet it is subject to stringent environmental conditions, displays poor stability, and is applicable to a relatively limited range of treatment scenarios. Furthermore, the integration of magnetic flocculation technology with other techniques is classified and summarised in diverse contexts, and the prospective research focus and direction of magnetic flocculants are proposed.