Microwave components incorporating ferrite elements are primarily waveguide devices. Success with these devices has yielded a wide range of useful commercial products. However an underdeveloped area for microwave ferrite application is microwave optics. Due to the complexity of design and observed anomalous behavior, ferrites have not found popularity as refraction elements. The present paper presents an initial assault into the analysis of refracting ferrite prisms and lenses. The anisotropic indices of refraction and angles of deviation were calculated for an isosceles ferrite prism magnetized in three orthogonal directions and the focal lengths of an axially magnetized thin double‐convex ferrite lens were evaluated for various values of saturation magnetization.