The utilization of graphene-based nanomaterials combined with magnetic nanoparticles offers key benefits in the modern biomedicine. In this minireview, we focus on the most recent advances in hybrids of magnetic graphene derivatives for biomedical applications. We initially analyze the several methodologies employed for the preparation of graphene-based composites with magnetic nanoparticles, more specifically the kind of linkage between the two components. In the last section, we focus on the biomedical applications where these magnetic-graphene hybrids are essential and pay special attention on how the addition of graphene improves the resulting devices in magnetic resonance imaging, controlled drug delivery, magnetic photothermal therapy and cellular separation and isolation. Finally, we highlight the use of these magnetic hybrids as multifunctional material that will lead to a next generation of theranostics.