Scattering of light by magnons has recently been predicted by calculations, and subsequently verified by experiments. In this paper, theoretical aspects of the problem are reviewed briefly. The spin‐Raman effect is treated along the same line as ordinary Raman scattering by phonons. The order of magnitude of one‐magnon Raman scattering is estimated from the rotatory power of the magnetic ions. The effect is smaller in antiferromagnets because of opposite spins in different sublattices. In ferrites and antiferromagnets, two‐magnon Raman scattering can occur through exchange‐type interaction. Raman scattering by magnetoelastic modes should also be observable. The possibility of constructing a tunable light oscillator is discussed.