In the emerging field of molecular and cellular imaging, flexible strategies to synthesize multimodal contrast agents with targeting ligands are required. Liposomes have the ability to combine with a large variety of nanomaterials, including superparamagnetic iron oxide nanoparticles, to form magnetoliposomes (MLs). MLs can be used as highly efficient MRI contrast agents. Owing to their high flexibility, MLs can be associated with other imaging modality probes to be used as multimodal contrast agents. By using a thermosensitive lipid bilayer in the ML structure, these biocompatible systems offer many possibilities for targeting and delivering therapeutic agents for ‘theragnostics‘, a coincident therapy and diagnosis strategy. This article deals with the fast-growing field of MLs as biomedical diagnostic tools. Different kinds of MLs, their preparation methods, as well as their surface modification with different imaging probes, are discussed. ML applications as multimodal contrast agents and in theragnostics are reviewed. Some important issues for the biomedical uses of magnetic liposomes, such as toxicity, are summarized.