Suspensions of magnetic nanoparticles offer diverse opportunities for technology innovation,spanning a large number of industry sectors from imaging and actuation based applicationsin biomedicine and biotechnology, through large-scale environmental remediation uses suchas water purification, to engineering-based applications such as position-controlled lubricantsand soaps. Continuous advances in their manufacture have produced an ever-growing rangeof products, each with their own unique properties. At the same time, the characterisation ofmagnetic nanoparticles is often complex, and expert knowledge is needed to correctly interpretthe measurement data. In many cases, the stringent requirements of the end-user technologiesdictate that magnetic nanoparticle products should be clearly defined, well characterised,consistent and safe; or to put it another way—standardised. The aims of this document areto outline the concepts and terminology necessary for discussion of magnetic nanoparticles,to examine the current state-of-the-art in characterisation methods necessary for the mostprominent applications of magnetic nanoparticle suspensions, to suggest a possible structurefor the future development of standardisation within the field, and to identify areas and topicswhich deserve to be the focus of future work items. We discuss potential roadmaps for thefuture standardisation of this developing industry, and the likely challenges to be encounteredalong the way.