Magnetism has played a vital role in the development of basic concepts of solid‐state physics. Early research in magnetism was concerned largely with the reaction of the magnetization on external applied static and electro‐magnetic fields. Indeed, technological developments in magnetism have utilized such behavior highly successfully. Today's trend in basic magnetics research emphasizes the interrelation of magnetism with other physical properties of solids. For example, magneto‐electronic, ‐optical, and ‐electric properties of materials, the magnitude of the interaction, and how external fields coupled to the magnetization influence other properties is the subject of many of the basic papers in this Conference. This paper reviews current magnetics research with emphasis on the experimental observations. These effects provide a wealth of new material on which to base future technological applications.