This article explores new perspectives on the use of magnetic fluids for efficient water treatment of petroleum products. A review of existing technologies and their limitations is provided, emphasizing the need for new approaches. The use of magnetic fluids that are highly selective to petroleum products is investigated. Experimental results show that the modified magnetic fluids effectively remove petroleum products from water, providing high quality treatment. The study also examines the durability and cost-effectiveness of the proposed approach, suggesting its practical application in water treatment plants. The paper provides a valuable contribution to the water treatment field, opening up new opportunities for effective removal of petroleum products and protection of water resources. Aims of the study are to reduce the concentration of petroleum products in wastewater; to develop an effective technology for wastewater treatment from petroleum products using magnetic fluid. Objectives of the work are to study the composition of iron-containing waste; to consider the technology of wastewater treatment from petroleum products; to study the parameters of wastewater treatment from petroleum products.The objects of the study are industrial iron-containing waste, magnetite obtained from waste, as well as magnetic liquid synthesized on the basis of magnetite and wastewater.