Magnets are key materials for the electrification of mobility and also for the generation and transformation of electric energy. Research and development in recent decades lead to high performance magnets, which require a finely tuned microstructure to serve applications with ever increasing requirements. Besides optimizing already known materials and the search on novel material combinations, an increasing interest in unconventional processing techniques and the utilization of magnetic concepts is apparent. Severe plastic deformation (SPD), in particular by high-pressure torsion (HPT) is a versatile and suitable method to manufacture microstructures not attained so far, but entitling different magnetic coupling mechanisms fostering magnetic properties. In this work, we review recent achievements obtained by HPT on soft and hard magnetic materials, focusing on powder as starting materials. Furthermore, we give specific attention to the formation of magnetic composites and highlight the opportunities of powder starting materials for HPT to exploit magnetic interaction mechanism.