In proteome research, rapid and effective proteolysis and enrichment strategies are essential for successful protein identification. Functionalized magnetic microspheres of micro- and nano-meter size are gaining increasing attention due to their easy manipulation and recovery, great specific surface areas and high surface activity. The introduction of magnetic nanoparticles into the field of proteomics study has accelerated the development of digestion and enrichment methods. In this article, we mainly focus on recent developments of using different functionalized magnetic nanoparticles for rapid digestion and preconcentration of low-abundance peptides/proteins, including those containing post-translational modifications, such as phosphorylation and glycosylation, prior to mass spectrometric analysis.