Magnetic nanoparticles (MNPs) are well-known contrast agents for use in medical imageology, facilitating disease detection via magnetic resonance imaging (MRI). With the development of nanotechnology, various MNPs have been exploited with strong contrast enhancement effects as well as multiple functions to conquer challenges related to the low detection accuracy and sensitivity. In this review, the typical characteristics and types of MNPs are outlined, and the design and fabrication of MNP-based MRI contrast agents as well as multi-mode imaging agents are also introduced by discussing the representative studies. In the pursuit of performance-enhanced MNPs, novel MNPs are expected to be developed as the next generation of contrast agents for precise bioimaging applications in a broad spectrum of fields.