The energy demand generated by fossil fuels is increasing day by day, and it has drastically increased after the COVID-19 pandemic as industries and household utilities rejuvenate. Renewable sources are thus becoming more essential as easily available, alternative methods of low-cost energy generation. Among these renewables, solar energy, i.e., solar power, is a promising energy source and can be used for solar-based H2 evolution because H2 technology is a leading source of eco-friendly electricity generation, and most of the worldwide efforts to develop this method involve heterogeneous catalysis for H2 evolution via water splitting and its storage, i.e., using a fuel cell. In the current scenario, there is a need to develop a stable, recyclable, and reusable heterogeneous catalyst system, which is a great challenge. In the current study, we have focused on novel ferrite magnetic nanomaterials for recyclable and reusable robust photocatalysis. Moreover, discussions of the factors contributing to the photocatalytic hydrogen evolution, low-cost synthesis techniques, and prospects for making them ideal photocatalysts are uncommon in the literature. The study will impart possible approaches for the design and development of novel ferrite nanomaterials and their nanocomposites for H2 generation in the forthcoming years.