Applications of x‐ray magnetic circular dichroism (XMCD) to the study of magnetic materials are described. XMCD spectra can be used to quantitatively determine magnetic properties on an element‐specific basis. These spectra are also sensitive to the chemical state and environment of the element being probed. The dichroism effect can also be used to produce images of microscopic magnetic structures and domains. Third generation synchrotron light sources are well suited to these experiments. Current and planned facilities at the Advanced Light Source, the first of the new light sources in the U.S., are described, focusing on a new facility with specialized undulators which will directly produce high flux, high brightness beams of circularly polarized x‐rays. With new beamlines which have been optimized for either spectroscopy or microscopy, this facility will provide the capability to provide detailed information about magnetic materials.