Impelled by the need to find solutions to new challenges of modern technologies new materials with unique properties are being explored. Among various new materials that emerged over the decades, magnetic fluids exhibiting interesting physiochemical properties (optical, thermal, magnetic, rheological, apparent density, etc.) under a magnetic stimulus have been at the forefront of research. In the initial phase, there has been a fervent scientific curiosity to understand the field-induced intriguing properties of such fluids but later a plethora of technological applications emerged. Magnetic nanofluid, popularly known as ferrofluid, is a colloidal suspension of fine magnetic nanoparticles, has been at the forefront of research because of its magnetically tunable physi-cochemical properties and applications. Due to their stimuli-responsive behaviour, they have been finding more applications in biology and other engineering disciplines in recent years. Therefore, a critical review of this topic highlighting the necessary background, the potential of this material for emerging technologies, and the latest developments is warranted. This review also provides a summary of various applications, along with the key challenges and future research directions. The first part of the review addresses the different types of magnetic fluids, the genesis of magnetic fluids, their synthesis methodologies, properties, and stabilization techniques are discussed in detail. The second part of the review highlights the applications of magnetic nanofluids and nanoemulsions (as model systems) in probing order-disorder transitions, scattering, diffraction, magnetically reconfigurable internal structures, molecular interaction, and weak forces between colloidal particles, confor-mational changes of macromolecules at interfaces and polymer-surfactant complexation at the oil-water inter-face. The last part of the review summarizes the interesting applications of magnetic fluids such as heat transfer, sensors (temperature, pH, urea detection, cations, defect detection sensors), tunable optical filters, removal of dyes, dynamic seals, magnetic hyperthermia-based cancer therapy and other biomedical applications. The ap-plications of magnetic nanofluids in diverse disciplines are growing day by day, yet there are challenges in their practical adaptation as field-worthy or packaged products. This review provides a pedagogical description of magnetic fluids, with the necessary background, key concepts, physics, experimental protocols, design of ex-periments, challenges and future directions.
