The determination of anisotropic magnetic parameters is a task of both experimental and theoretical interest. The added value of theoretical calculations can be crucial for analyzing experimental data by (i) allowing assessment of the validity of the phenomenological spin Hamiltonians, (ii) allowing discussion of the values of parameters extracted from experiments, and (iii) proposing rationalizations and magneto-structural correlations to better understand the relations between geometry, electronic structure, and properties. In this review, we discuss the model Hamiltonians that are used to describe magnetic properties, the computational approaches that can be used to compute magnetic parameters, and review their applications to transition metal and (to a lesser extent) lanthanide based complexes. Perspectives concerning current methodological challenges will then be presented, and finally the need for further joint experimental/theoretical efforts will be underlined.