In the past two decades, the synthetic development of magnetic nanoparticles (NPs) has been intensively explored for both fundamental scientific research and technological applications. Different from the bulk magnet, magnetic NPs exhibit unique magnetism, which enables the tuning of their magnetism by systematic nanoscale engineering. In this review, we first briefly discuss the fundamental features of magnetic NPs. We then summarize the synthesis of various magnetic NPs, including magnetic metal, metallic alloy, metal oxide, and multifunctional NPs. We focus on the organic phase syntheses of magnetic NPs with precise control over their sizes, shapes, compositions, and structures. Finally we discuss the applications of various magnetic NPs in sensitive diagnostics and therapeutics, high-density magnetic data recording and energy storage, as well as in highly efficient catalysis.