The present invention provides a magnetic sink strainer with at least one magnet securely attached to the strainer, to create a magnetic field. The invention also provides a magnetic sink strainer made of a magnetized material to provide a magnetic field. The magnetic sink strainer is firmly placed over a standard sink drain and functions to capture and retain objects that are attracted by a force as a result of being subjected to the magnetic field. This prevents such objects from accidentally being discarded into the sink drain. The magnetic sink strainer also includes at least one slit to enable fluids and other non-magnetic substances to easily and rapidly flow down to the sink drain.