Researchers all around the world are working towards possible solutions to the problems of accelerating depletion of fossil fuels, and the perennial problem of pollution associated with the combustion of such fuels. Towards the end of twentieth century, the effect of strong magnetic fields on molecular structure and its potential to alter the properties at the molecular level were discovered. A number of researchers have focused their attention on this topic, and have come out with appreciable results regarding the performance and exhaust emission characteristics of magnetically conditioned hydrocarbon fuels. In this paper, a comprehensive review has made on the effect that magnetic fields create on the structure and properties of hydrocarbons, and the effect it produces on the combustion and emission characteristics of magnetically conditioned hydrocarbon fuels.