Magnetic metal-carbon nanocomposites (MMCN) are emerging as sustainable materials, consisting of magnetic metals or alloys and carbon-based materials like CNT, graphene (Gr), carbon fiber (CF), and activated carbon. These materials possess unique magnetic properties that depend on various factors, such as preparation conditions, metal content, and phase composition. Incorporating carbon-based materials into magnetic metals has been observed to enhance their magnetic properties, including magnetic strength and moment. Researchers employ a range of tests to characterize these materials, such as FTIR, XRD, FESEM, TEM, BET, and VSM. Carbon-based materials such as CNT, graphene, etc., have been used as filler materials to reinforce the metal matrix because of their sustainability, tendency to integrate, and low cost. Further, they enhance the tribological performance and mechanical strength, provide corrosion resistance and improve electrical and thermal properties. Additionally, the addition of filler magnetic material in single or hybrid form into the carbon matrix increases the scope of application of MMCN. These composites are widely used in the application of biomedical, semiconductors, tribology, fuel cells, etc. In the present study, a comprehensive review has been carried out to provide a view of the fabrication aspect of the MMNC and to understand the role of the reinforcement method used to fabricate the composites. Finally, it covers different uses of the MMCN, which can lead to an eco-friendly environment.