Magnetic nanoparticles have attracted significant attention in recent years due to their unique properties and potential applications in various fields, including industry and the environment. This review paper provides an overview of recent advances in the synthesis and stabilization of magnetic nanoparticles, as well as their industrial and environmental applications. Various synthesis methods and stabilization techniques have been discussed, and their advantages and disadvantages have been compared. The industrial applications of magnetic nanoparticles, including biomedical imaging, drug delivery, catalysis, energy conversion, and data storage, have been highlighted, as well as their environmental applications such as soil remediation, air pollution control, and environmental sensing. Finally, challenges and future perspectives have been discussed, including the development of multifunctional nanoparticles, targeted and personalized therapy, and sustainable production. The potential of magnetic nanoparticles is vast, and their use is expected to increase in the coming years.