Advancements in nanotechnology have led to the emergence of magnetic polymer microspheres as a promising nanomaterial with magnetic responsiveness in the petroleum industry. This article provides a comprehensive overview of the preparation techniques and current research status of nano-magnetic polymer microspheres, highlighting their applications in oil-water separation, efficient desulfurization, catalytic modification, and intelligent oil recovery mechanisms and achievements. Future directions are proposed to address the current development status of nano-magnetic polymer microspheres, including enhancing magnetic properties, improving stability, surface modification, and studying the underlying mechanisms. This review aims to provide valuable insights and references for research and applications in related fields.