Phosphonate and phosphate ligands have historically received less attention when compared to the widely prevalent carboxylate ligand system. Phosphonates possess multiple donating sites, often leading to the formation of larger aggregates with limited solubility. Conversely, the P‐O bond within phosphates is highly susceptible to hydrolysis, resulting in the precipitation of insoluble compounds, particularly when interacting with lanthanide metal ions. However, over the past few decades, various synthetic approaches have emerged for the preparation and characterization of lanthanide complexes involving both phosphonate and phosphate ligands. Consequently, researchers have delved into exploring the magnetic properties of these complexes, such as their potential as single molecule magnets (SMMs) and their ability to exhibit a magnetocaloric effect (MCE). This review will encompass an examination of the crystal structures and magnetic characteristics of lanthanide complexes featuring phosphonate and phosphate ligands.