The need for energy‐efficient and environmentally friendly refrigeration, heat pumping, air conditioning, and thermal energy harvesting systems is currently more urgent than ever. Magnetocaloric energy conversion is among the best available alternatives for achieving these technological goals and has been the subject of substantial basic and applied research over the last two decades. The subject is strongly interdisciplinary, requiring proper understanding and efficient integration of knowledge in different specialized fields. This review article presents a historical and up‐to‐date account of the energy‐related applications of magnetocaloric materials and information about their processing and magnetic fields, thermodynamics, heat transfer, and other relevant characteristics. The article also discusses the conceptual design of magnetocaloric refrigeration and power generation systems and some guidelines for future research in the field.