Magnetic nanofibers (MNFs) are integrated with a variety of properties, such as large surface area, high porosity, small size effect and apparent magnetism. This enables MNFs to possess excellent properties of both nanofibers (NFs) and magnetic materials, which greatly widens the application of the original magnetic materials. A brief review of the properties of MNFs, fabrication techniques, and their emerging applications which include biomedical application, sensing and electronic devices, wastewater treatment and microwave absorption is presented. Finally, the development trend and prospect of MNFs in future are summarized and discussed.