Magnetic refrigeration is a fascinating superior choice technology as compared with traditional refrigeration that relies on a unique property of particular materials, known as the magnetocaloric effect (MCE). This paper provides a thorough understanding of different magnetic refrigeration technologies using a variety of models to evaluate the coefficient of performance (COP) and specific cooling capacity outputs. Accordingly, magnetic refrigeration models are divided into four categories: rotating, reciprocating, C-shaped magnetic refrigeration, and active magnetic regenerator. The working principles of these models were described, and their outputs were extracted and compared. Furthermore, the influence of the magnetocaloric effect, the magnetization area, and the thermodynamic processes and cycles on the efficiency of magnetic refrigeration was investigated and discussed to achieve a maximum cooling capacity. The classes of magnetocaloric magnetic materials were summarized from previous studies and their potential magnetic characteristics are emphasized. The essential characteristics of magnetic refrigeration systems are highlighted to determine the significant advantages, difficulties, drawbacks, and feasibility analyses of these systems. Moreover, a cost analysis was provided in order to judge the feasibility of these systems for commercial use.