Many experimental and theoretical investigations have separately characterized the magnetic properties of spin glasses and random ferromagnetic alloys. Magnetic systems which are on the borderline between the two ordering mechanisms show a double magnetic transition as a function of temperature. Two distinct phases have been found in AlFe, CrFe, AuFe, PdMn, etc. In this paper we will review the experimental properties of these systems and compare their behavior with the results of existing theories. The close analogy between the systems and the good agreement with the theoretical calculations suggest that a general magnetic phase diagram exists which can be applied to many random magnetic alloys with competing ferro‐ and antiferromagnetic interactions.