Nanostructured spinel ferrites have gained a great deal of attention. It comes from the possibility of tuning their magnetic properties by careful manipulation of the synthetic conditions. At the same time, since the nanoparticle (NP) surface is reactive toward many chemical groups, it provides great versatility for further functionalization of the nanosystems. Such characteristics make ferrite nanoparticles excellent candidates for environmental applications. First, the chapter deals with the basics of the synthetic methodologies, functionalization strategies and magnetic properties of nanoparticles, with emphasis on how surface manipulation is reflected in the properties of the materials. Next, we review some of the applications of ferrites as magnetic sorbents for several hazardous substances in aqueous medium and try to systematize the adsorption mechanism as a function of the coating material. Finally, a short summary concerning the main uses of ferrites as magnetic catalysts in oxidation technologies is included.