Alloys-based materials have now become advanced from conventional alloys to multi-principal elements and open new areas of applications. High Entropy Alloys are drawn considerable attention because of their unique properties, which can be tuned based on the requirements. High entropy materials have extraordinary mechanical properties, corrosion resistance, thermal stability, and other promising functional properties, which makes them to be used as a catalysis for water splitting, electrodes in batteries for charge storage in supercapacitor and as a hydrogen storage material. Thus the high entropy alloy now becomes an emerging advanced material. Moreover, in the last six years, several research articles appeared which described the excellent magnetic properties of high entropy alloys. More than four principal elements help to tune the magnetic properties along with other properties like mechanical, corrosion, etc., which are required for industrial applications of magnetic materials. The magnetic properties of HEAs are highly dependent on the phase structure, microstructure, synthesis route, processing parameter, and alloying elements. This review article summarized the different features of high entropy alloys, core effects, synthesis methods, and state-of-the-art magnetic properties of the High Entropy alloys. A separate section is also devoted to the magnetic properties of high entropy oxide. Also, this review is underlying different principles that have importance on the future development of magnetic HEAsfor industrial applications.