The cardinal focus of the present review is to investigate the possibility of the para-ferro phase transition of dense quark matter. For these, the calculation of the single-particle energies, ground state energy (GSE) densities, and spin susceptibility χ of degenerate quark matter with one gluon exchange interaction in terms of spin-dependent Landau parameters (LPs) have been presented. The expressions for the GSE and χ of cold and dense spin-polarized quark matter have been derived with corrections due to correlation. Furthermore, the magnetic properties of spin polarized quark matter have been discussed by evaluating the magnetization ⟨M⟩ and magnetic susceptibility χM in terms of LPs. Finally, the possibility of magnetic instability has been revealed by studying the density dependence of ⟨M⟩ and χM.