A method for producing embedded hydrogel contact lenses, comprising the steps of: obtaining a magnetized insert which comprises a front surface, an opposite back surface and a diameter up to about 13.0 mm, wherein the insert is made of a polymeric material and comprises magnetic particles; obtaining a lens mold, wherein the lens mold comprises a female mold half having a first molding surface and a male mold half having a second molding surface, wherein the female and male mold halves are configured to receive each other such that a mold cavity is formed between the first and second molding surfaces when the mold is closed; in no particular order, placing the magnetized insert in the lens mold and introducing a lens-forming composition in the lens mold, wherein the magnetized insert is immersed in the lens-forming composition in the lens mold and centered and held in position in the lens mold by using a magnet which is place below the lens mold; curing the lens-forming composition in the lens mold while holding the magnetized insert centered in the lens mold by the magnet to form an unprocessed embedded hydrogel contact lens that comprise a bulk hydrogel material formed from the lens-forming composition and the magnetized insert embedded in the bulk hydrogel material and centered in the unprocessed embedded hydrogel contact lens; separating the lens mold obtained in step into the male and female mold halves, with the unprocessed embedded hydrogel contact lens adhered on a lens-adhered mold half which is one of the male and female mold halves; removing the unprocessed embedded hydrogel contact lens from the lens-adhered mold half (preferably before the unprocessed embedded hydrogel contact lens is contact with water or any liquid); and subjecting the unprocessed embedded hydrogel contact lens to post-molding processes including a hydration process and one or more other processes selected from the group consisting of extraction, surface treatment, packaging, sterilization, and combinations thereof. obtaining a magnetized insert which comprises a front surface, an opposite back surface and a diameter up to about 13.0 mm, wherein the insert is made of a polymeric material and comprises magnetic particles; obtaining a lens mold, wherein the lens mold comprises a female mold half having a first molding surface and a male mold half having a second molding surface, wherein the female and male mold halves are configured to receive each other such that a mold cavity is formed between the first and second molding surfaces when the mold is closed; in no particular order, placing the magnetized insert in the lens mold and introducing a lens-forming composition in the lens mold, wherein the magnetized insert is immersed in the lens-forming composition in the lens mold and centered and held in position in the lens mold by using a magnet which is place below the lens mold; curing the lens-forming composition in the lens mold while holding the magnetized insert centered in the lens mold by the magnet to form an unprocessed embedded hydrogel contact lens that comprise a bulk hydrogel material formed from the lens-forming composition and the magnetized insert embedded in the bulk hydrogel material and centered in the unprocessed embedded hydrogel contact lens; separating the lens mold obtained in step into the male and female mold halves, with the unprocessed embedded hydrogel contact lens adhered on a lens-adhered mold half which is one of the male and female mold halves; removing the unprocessed embedded hydrogel contact lens from the lens-adhered mold half (preferably before the unprocessed embedded hydrogel contact lens is contact with water or any liquid); and subjecting the unprocessed embedded hydrogel contact lens to post-molding processes including a hydration process and one or more other processes selected from the group consisting of extraction, surface treatment, packaging, sterilization, and combinations thereof.