Solid-state thermomagnetic modules operating based on the Nernst–Ettingshausen effects are an alternative to conventional solid-state thermoelectric modules. These modules are appropriate for low-temperature applications where the thermoelectric modules are not efficient. Here, we briefly discuss the application, performance, similarities, and differences of thermoelectric and thermomagnetic materials and modules. We review thermomagnetic module design, Nernst coefficient measurement techniques, and theoretical advances, emphasizing the Nernst effect and factors influencing its response in semimetals such as carrier compensation, Fermi surface, mobility, phonon drag, and Berry curvature. The main objective is to summarize the materials design criteria to achieve high thermomagnetic performance to accelerate thermomagnetic materials discovery.