Magnets have been widely used in dentistry as a means of retention in various prosthodontic applications. This review summarizes the historical background, types, and modes of action of magnets in dentistry, including their uses in conventional removable prostheses, sectional dentures, overdentures, maxillofacial prostheses, and implant-supported prostheses. A comprehensive electronic literature search was performed through multiple databases, including Medline via Pubmed, Wiley Online Library, Ebscohost, Science Direct, and Google Scholar. We used the following keywords: “magnets”, “retention”, “overdenture”, and “maxillofacial prosthesis”, with a focus on articles published between October 1953 and March 2016. We found 20 articles, and 16 were selected for inclusion in this review based on their relevance to the topic at hand. Recent advancements in magnetic technology have resulted in newer magnets that exhibit superior biological compatibility and corrosion resistance. These properties have made magnets an effective retentive aid intra- and extra-orally.