The utilization of graphene-based nanomaterials combined with magnetic nano-particles offers key benefits in the modern biomedicine. In this minireview, we focus on the most recent advances in hybrids of magnetic graphene derivatives for biomedical applica-tions. We initially analyze the several methodologies employed for the preparation of gra-phene-based composites with magnetic nanoparticles, more specifically the kind of linkage between the two components. In the last section, we focus on the biomedical applications where these magnetic-graphene hybrids are essential and pay special attention on how the addition of graphene improves the resulting devices in magnetic resonance imaging, con-trolled drug delivery, magnetic photothermal therapy and cellular separation and isolation. Finally, we highlight the use of these magnetic hybrids as multifunctional material that will lead to a next generation of theranostics.