Nanotechnology has become a topic of interest due to the outstanding advantages that the use of nanomaterials offers in many fields. Among them, magnetic nanoparticles (m-NPs) have been one of the most widely applied in recent years. In addition to the unique features of nanomaterials in general, which exclusively appear at nanoscale, these present magnetic or paramagnetic properties that result of great interest in many applications. In particular, in the area of food analysis, the use of these nanomaterials has undergone a considerable increase since they can be easily separated from the matrix in sorbent-based extractions, providing a considerable simplification of the procedures. This allows reducing cost and giving fast responses, which is essential in the food trade to guarantee consumer safety. These materials can also be easily tunable, providing higher selectivity. Moreover, their particular electrical, thermal and optical characteristics allow enhancing sensor signals, increasing the sensitivity of the approaches based on this type of device. The aim of this review article is to summarise the most remarkable applications of m-NPs in food analysis in the last five years (2016–2020) showing a general view of the use of such materials in the field.