Magnetically responsive microstructured functional surface (MRMFS), capable of dynamically and reversibly switching the surface topography under magnetic actuation, provides a wireless, noninvasive, and instantaneous way to accurately control the microscale engineered surface. In the last decade, many studies have been conducted to design and optimize MRMFSs for diverse applications, and significant progress has been accomplished. This review comprehensively presents recent advancements and the potential prospects in MRMFSs. We first classify MRMFSs into one-dimensional linear array MRMFSs, two-dimensional planar array MRMFSs, and dynamic self-assembly MRMFSs based on their morphology. Subsequently, an overview of three deformation mechanisms, including magnetically actuated bending deformation, magnetically driven rotational deformation, and magnetically induced self-assembly deformation, are provided. Four main fabrication strategies employed to create MRMFSs are summarized, including replica molding, magnetization-induced self-assembly, laser cutting, and ferrofluid-infused method. Furthermore, the applications of MRMFS in droplet manipulation, solid transport, information encryption, light manipulation, triboelectric nanogenerators, and soft robotics are presented. Finally, the challenges that limit the practical applications of MRMFSs are discussed, and the future development of MRMFSs is proposed.