The unique physicochemical properties of magnetic ionic liquid (MIL) have attracted increasing interest due to their potential applications in various areas. In this paper, recent progress in applications of magnetic ionic liquid has been reviewed and discussed. Magnetic ionic liquid is a kind of ionic liquid which formed by organic cation and inorganic anion. It can be absorbed on the magnet, and has a certain magnetization in the presence of external magnetic field. Magnetic ionic liquid is a green solvent. In addition, magnetic ionic liquid can play as solvent, catalyst and template in organic synthesis, the resulting product is easy to separate and the structure of the product can he adjusted by an external magnetic field. Magnetic ionic liquid can be recycled and reused, and the catalytic activity of magnetic ionic liquid is not significantly reduced. In areas of separation, analysis, preparation of nano-materials, magnetic ionic liquid also have unique advantages. Especially, magnetic carbon nanotubes can be synthesized by using magnetic ionic liquid and carbon nanotubes.