The aim of this article is to provide an overview of current research activities on functional, magnetic nanocomposite materials. After a brief introduction to general strategies for the synthesis of superparamagnetic nanoparticles (NPs), different concepts and state-of-the-art solution chemical methods for their integration into various types of functional, magnetic nanocomposite materials will be reviewed. The focus is on functional materials which are based on discrete magnetic NPs, including multicomponent nanostructures, colloidal nanocrystals, matrix-dispersed composite materials and mesoscaled particles. The review further outlines the magnetic, structural, and surface properties of the materials with regard to application.