This review is focused on describing state-of-the-art synthetic routes for the preparation of magnetic nanoparticles useful for biomedical applications. In addition to this topic, we have also described in some detail some of the possible applications of magnetic nanoparticles in the field of biomedicine with special emphasis on showing the benefits of using nanoparticles. Finally, we have addressed some relevant findings on the importance of having well-defined synthetic routes to produce materials not only with similar physical features but also with similar crystallochemical characteristics.