Cable-connected satellites in equatorial orbit offer enhanced capabilities for various space applications, but their stability is susceptible to magnetic perturbations from the Earth's magnetic field. This literature review examines the current state of research on the effects of geomagnetic field on the dynamics of cable-connected satellites in equatorial orbit. We synthesize findings from previous studies on the impact of magnetic field on orbital dynamics, attitude control, and communication. Our review highlights the significance of considering magnetic perturbations in the design and operation of cable-connected satellites, and identifies knowledge gaps for future research. The results of this review can inform the development of strategies to mitigate the effects of magnetic perturbations and ensure the stability of cable-connected satellites in equatorial orbit.