Magnetic particles play an important role in current technology, and this field of technology extends to a broader progression. The term magnetic particles typically cover the paramagnetic particles and super-paramagnetic particles. Various materials like iron oxide are common, but other materials are available as well; a survey of such materials has been included in this work. They can serve for technological purposes like separation and isolation of chemical products or toxic waste, their use in the diagnosis of pathologies, drug delivery and other similar applications. In this review, biosensors, bioanalytical devices and bioassays, have been discussed. Materials for magnetic particles preparation, methods of assay, biosensors and bioassays working in stationary as well as flow-through arrangements are described here. A survey of actual literature has been provided as well.