In the present day, photocatalysis has become the primary and most promising technology to generate renewable energy and degrade environmental pollutants. Remarkable efforts have been made to improve photocatalytic efficiency. Among these, introducing an external magnetic field is considered a promising strategy to boost photocatalytic performance. This review explores the dynamic realm of improving photocatalytic efficiency, with a particular emphasis on the strategic integration of external magnetic fields. Examining recent breakthroughs, we reviewed the influence of magnetic fields on diverse catalyst materials, including both magnetic and nonmagnetic variants, 2D materials, and semiconductors. Comprehensive coverage is provided on the mechanisms governing photocatalytic dye degradation, materials utilized for catalysis, and the profound impact of magnetic fields on enhancing reaction kinetics. This review also focuses on recent advances in the application and effect of magnetic fields in the magnetic and nonmagnetic catalysts towards dye degradation. This review provides a forward-looking view, highlighting the potential of magnetic field-enhanced photocatalysis to play a central role in sustainable energy and environmental management.