We review the progress in the investigation of the Verdet constant of new magneto-active materials for the Faraday-effect-based devices used in high-power laser systems. A practical methodology for advanced characterization of the Verdet constant of these materials is presented, providing a useful tool for benchmarking the new materials. The experimental setup used for the characterization is a flexible and robust tool for evaluating the Faraday rotation angle induced in the magneto-active material, from which the Verdet constant is calculated based on the knowledge of the magnetic field and the material sample parameters. A general model for describing the measured Verdet constant data as a function of wavelength and temperature is given. In the final part of this review, we present a brief overview of several magneto-active materials, which have been to-date reported as promising candidates for utilization in the Faraday devices. This overview covers room-temperature investigations of the Verdet constant of several materials, which could be used for the ultraviolet, visible, near-infrared and mid-infrared wavelengths.