Effective degradation of low-concentration pollutants is a critical challenge during the water purification process. The use of different chemicals can leave residue in samples that can impose potential ecotoxicological and adverse impacts on human health. Presently, Magnetic molecularly imprinted polymers (M-MIPs) have attracted much attention as the research material comprises a non-magnetic polymer and magnetic material for selective binding for target molecule and recoverability of catalyst via magnetism, respectively. This review explains the synergistic effect of adsorption with photocatalysis to understand their recognition mechanism and the possible interaction between the target molecule and MIPs. Then their common imprinting polymerization processes i.e., free radical polymerization and non-free radical polymerization are briefly discussed with their respective advantages and disadvantages. In addition, this review highlights the photocatalytic degradation mechanism of photocatalyst cum adsorbent is critically discussed by comparing it with non-imprinted polymers. Finally, the applications of M-MIPs in the removal or degradation of refractory pollutants, sensing, and recognition have also been delineated. This paper summarises progressive future challenges of the technology that need to be exploited for the preparation of the targeted catalyst.