The surface horizons of urban soils are enriched in technogenic magnetite Fe3O4 accumulated from emissions. Its content there reaches 3–4% and more, whereas it does not exceed 0.1% in the back-ground soils. In urban soils, large spherical magnetite particles of pseudo-single-domain and multidomain fabric predominate; the cavities in magnetic spherules decrease their chemical stability and increase their reactivity. Magnetite is most often destroyed in urban soils due to complexing; its destruction may be initiated by mineral salts entering the soil with deicing mixtures and by organic acids excreted by roots (e.g., by oxalic acid). The high solubility of magnetite with ammonium oxalate should be taken into account when using Tamm’s reagent for the analysis of urban soils. Magnetite is a mineral carrier of some heavy metals. Therefore, its content (as determined from the magnetic susceptibility) serves as an indirect index of soil pollution. In addition, magnetite may affect many soil properties as a reducer and sorbent. It adsorbs phosphorus thus preventing the penetration of this nutrient into rivers and lakes. Magnetite also oxidizes Cl-containing aliphatic hydrocarbons and purifies the soil. Although magnetite enters urban soils as a pollutant, its influence on the soil properties cannot be unambiguously judged as only negative.