Oil spills have huge and immediate economically, socially, and environmentally adverse impacts. Current methods to remediate oil spills do not provide a sustainable solution, in terms of cost, ease of deployment, and further impact on the environment. Here we report an oil spill remediation solution in form of an oleophilic, hydrophobic, and magnetic (OHM) sponge that is economical, efficient, and ecofriendly; thereby promising a potentially industry-adaptable approach. The OHM sponge can not only selectively remove the oil from oil/water interface but also recover the oil by a simple squeezing process. Furthermore, the OHM sponge can be reused for many cycles. The OHM sponge works effectively in diverse and extreme aquatic conditions (pH, salinity) and can absorb a variety of oils and oil-based compounds. The selective absorption/desorption, recovery, high absorption capacity, and reusability under one platform open new prospects for potentially sustainable water and environmental remediation applications.