Hybrid mixtures composed of magnetic nanoparticles (MNP) in liquid crystalline (LC) matrices are a fascinating class of soft materials with intriguing physical properties and a wide range of potential applications, e.g., as stimuli-responsive and adaptive materials. Already in the absence of an external stimulus, these systems can display various types of orientationally disordered and ordered phases, which are enriched by self-assembled structures formed by the MNPs. In the presence of external fields, one typically observes highly nonlinear macroscopic behavior. However, an understanding of the structure and dynamics of such systems on the particle level has, so far, remained elusive. In the present paper we review recent computer simulation studies targeting the structure, equilibrium dynamics and rheology of LC-MNP systems, in which the particle sizes of the two components are comparable. As a numerically tractable model system we consider mixtures of soft spherical or elongated particles with a permanent magnetic dipole moment and ellipsoidal non-magnetic particles interacting via a Gay-Berne potential. We address, first, equilibrium aspects such as structural organization and self-assembly (cluster formation) of the MNPs in dependence of the orientational state of the matrix, the role of the size ratio, the impact of an external magnetic field, and the translational and orientational diffusion of the two components. Second, we discuss the non-equilibrium dynamics of LC-MNP mixtures under planar shear flow, considering both, spherical and non-spherical MNPs. Our results contribute to a detailed understanding of these intriguing hybrid materials, and they may serve as a guide for future experiments.