Multifunctional magnetic nanocomposites are among those heterogeneous nanosized systems where at least one phase component is magnetic and can act as an intermediate of either the actuation or the response of the overall system. The main advantage of heterogeneous nanosystems is the possibility of combining and inter-influencing the electronic properties of constituent interfaced nanophases. Consequently, unique physico-chemical properties of the hybrid materials of interest in various applications can be obtained. This Special Issue of Nanomaterials highlights the most advanced processing and characterization tools of some multifunctional magnetic nanocomposites and heterogeneous systems of interest in various applications, from biomedicine to sensoristics and energy-saving materials.