Lightweight iron oxide nanoparticle (IONP)/TEMPO-oxidized cellulose nanofibril (TOCNF) hybrid foams with an anisotropic structure and a high IONP content were produced using magnetic field-enhanced unidirectional ice-templating. Coating the IONP with tannic acid (TA) improved the processability, the mechanical performance, and the thermal stability of the hybrid foams. Increasing the IONP content (and density) increased the Young's modulus and toughness probed in compression, and hybrid foams with the highest IONP content were relatively flexible and could recover 14% axial compression. Application of a magnetic field in the freezing direction resulted in the formation of IONP chains that decorated the foam walls and the foams displayed a higher magnetization saturation, remanence, and coercivity compared to the ice-templated hybrid foams. The hybrid foam with an IONP content of 87% displayed a saturation magnetization of 83.2 emu g−1, which is 95% of the value for bulk magnetite. Highly magnetic hybrid foams are of potential interest for environmental remediation, energy storage, and electromagnetic interference shielding.