Magnetic nanoparticles (MNPs) based on iron oxide, especially magnetite (Fe 3 O 4 ), have been explored as sensitive probes for magnetic resonance imaging and therapeutic applications. Such application potentials plus the need to achieve high efficiency and sensitivity have motivated the search for new forms of superparamagnetic NPs with additional chemical and physical functionalities. This review summarizes the latest development of high moment MNPs, multifunctional MNPs, and porous hollow MNPs for biosensing, molecular imaging, and drug delivery applications.