Magnetism plays an important role in different applications of health care. Magnetite (Fe3O4) is biocompatible and therefore is one of the most extensively used biomaterials for different applications ranging from cell separation and drug delivery to hyperthermia. Other than this, a large number of magnetic materials in bulk as well as in the form of nano particles have been exploited for a variety of medical applications. In this review, we summarize the salient features of clinical applications, where magnetic biomaterials are used. Magnetic intracellular hyperthermia for cancer therapy is discussed in detail.