Liposomes, one of the most promising drug delivery carriers, have been extensively studied for the treatment of various diseases and have made their way to the market. Magnetic nanoparticles have been attracting great interest for diagnostic and therapeutic applications due to their unique magnetic properties. An integration of liposomes and magnetic nanoparticles gives great potential to the field of smart drug delivery systems, including magnetically guided drug delivery, image-guided drug delivery, and externally triggered controlled drug release using hyperthermia or alternating magnetic fields. In this review, we discuss the recent development of magnetoliposomes for controlled-release drug delivery systems and their potential.