Homing pigeons and many other animals have exquisite geomagnetic sensing ability and can accurately find appropriate paths and directions during long-distance migration. Homing pigeons are the preferred animal model for studies of biological geomagnetic navigation. Despite substantial progress in research on bio geomagnetic navigation over the past few decades, the biological mechanism is still unclear. In this paper, we review recent advancements in research on biological magnetoreception using homing pigeons. We focus on the magnetic sensing mechanisms of the magnetoreceptor models based on nanoscale ferromagnetic particles and the light-dependent radical pair model. Key directions for biological magnetoreception research are proposed. This review provides an improved theoretical basis for the study of geomagnetic navigation using homing pigeons as well as insight into the operating principles of the biological magnetic perception system.