Magnetic ion-imprinted polymers (MIIPs) are an innovative material that combines the selectivity of ion imprinting with the ease of separation provided by magnetic properties. Recent advancements in MIIPs have shown that they have higher selectivity coefficients compared to non-imprinted materials. The synthesis of MIIPs involves creating specific recognition sites for target ions in magnetic nanomaterials. Various nanomaterials, such as graphene oxide, carbon nanotubes, and silica, have been incorporated into the IIPs to improve their analytical performance for different environmental applications, including metal extraction, monitoring, detection, and quantification. This review stresses the need to develop new monomers with a high affinity for the target analyte and to find supporting materials with groups that facilitate the effective removal of the target analyte. It also explores the influence of experimental parameters on metal determination.