Water contamination by harmful organic and inorganic compounds seriously burdens human health and aquatic life. A series of conventional water purification methods can be employed, yet they come with certain disadvantages, including resulting sludge or solid waste, incomplete treatment process, and high costs. To overcome these limitations, attention has been drawn to nanotechnology for fabricating better-performing adsorbents for contaminant removal. In particular, magnetic nanostructures hold promise for water decontamination applications, benefiting from easy removal from aqueous solutions. In this respect, numerous researchers worldwide have reported incorporating magnetic particles into many composite materials. Therefore, this review aims to present the newest advancements in the field of magnetic composites for water decontamination, describing the appealing properties of a series of base materials and including the results of the most recent studies. In more detail, carbon-, polymer-, hydrogel-, aerogel-, silica-, clay-, biochar-, metal-organic framework-, and covalent organic framework-based magnetic composites are overviewed, which have displayed promising adsorption capacity for industrial pollutants.