Neurological pathologies and nerve damage are two problems of significant medical and economic impact because of the hurdles of losing nerve functionality in addition to significant mortality and morbidity, and demanding rehabilitation. There are currently a number of examples of how nanotechnology can provide new solutions for biomedical problems. Current strategies for nerve repair rely on the use of functionalized scaffolds working as “nerve guidance channels” to improve axonal regeneration and to direct axonal re-growth across the nerve lesion site. Since low invasiveness and high selectivity of the growth stimulation are usually conflicting requirements, new approaches are being pursued in order to overcome such limitations. Engineered magnetic nanoparticles (MNPs) have emerged from this need for noninvasive therapies for both positioning and guiding neural cells in response to an external magnetic field. Here, we review the current state of the use of MNPs for neuroprotective and magnetically guided therapies. We discuss some conceivable outcomes of current magnetically driven strategies seeking integrated platforms for regenerative action on damaged tissues.