Quantum droplets can emerge in bosonic binary magnetic gases (BMGs) from the interplay of short- and long-ranged interactions, and quantum fluctuations. We develop an extended mean field theory for this system and use it to predict equilibrium and dynamical properties of BMG droplets. We present a phase diagram and characterize miscible and immiscible droplet states. We also show that a single-component self-bound droplet can bind another magnetic component, which is not in the droplet regime, due to the interspecies dipole-dipole interactions. Our results should be realizable in experiments with mixtures of highly magnetic lanthanide atoms.