Surface-functionalized ferrite materials are the ultimate products obtained from micro/nanofabrication of one or more metal containing magnetic iron-based oxides and their surface fine-tuning with suitable molecules for desired applications. Appropriate functionalization of ferrite surface often implants a wide range of application-specific physicochemical characteristics. Herein, we have discussed surface functionalization of ferrites with different organic molecules, inorganic oxides, metals, and polymeric materials. Impacts of surface functionalization on the dispersibility, biocompatibility, conductivity, photocatalytic activity, and pH responsiveness of ferrite particles and their therapeutic and environmental potentials are also highlighted. Then, some widely used and important functionalization routes like coupling, ligand exchange, polymer encapsulation, and sol-gel techniques are illustrated. Finally, a brief overview of biomedical and environmental pollutant mitigation efficacies of the functionalized ferrite compounds is emphasized.