Magnetic nanostructures sustaining different types of optical modes have been used for magnetometry and label-free ultrasensitive refractive index probing, where the main challenge is the realization of compact devices that are able to transfer this technology from research laboratories to smart industry. This Perspective discusses the state-of-the-art and emerging trends in realizing innovative sensors containing new architectures and materials exploiting the unique ability to actively manipulate their optical properties using an externally applied magnetic field. In addition to the well-established use of propagating and localized plasmonic fields, in the so-called magnetoplasmonics, we identified a new potential of the all-dielectric platforms for sensing to overcome losses inherent to metallic components. In describing recent advances, emphasis is placed on several feasible industrial applications, trying to give our vision on the future of this promising field of research merging optics, magnetism, and nanotechnology.