Fe3O4 based magnetic polymer nanoparticles (MPNPs) are densely studied for several decades. These Fe3O4 based MPNPs can be used in wastewater treatment and biological field such as magnetic resonance imaging contrast agents, hyperthermia therapy and protein separation. The Fe3O4 based MPNPs are attractive because they combine the advantages of magnetism and polymers together. In order to obtain the practical application in the above mentioned areas, the bare Fe3O4 needs to be functionalised with different kinds of molecules like organic small molecules and polymers and some inorganic molecules like silica, metals and carbon. In this review, the chemical preparation methods, different modification methods and various applications of the Fe3O4 based MPNPs are introduced.