Interfaces between dissimilar materials present a wide range of fascinating physical phenomena. When a nanoscale thin-film of a ferromagnetic metal is deposited in intimate contact with a compound semiconductor, the properties of the interface exhibit a wealth of novel behavior, having immense potential for technological application, and being of great interest from the perspective of fundamental physics. This article presents a review of recent advances in the field of interface magnetism in (001)-oriented ferromagnetic metal/III–V compound semiconductor hybrid structures. Until relatively recently, the majority of research in this area continued to concentrate almost exclusively on the prototypical epitaxial Fe / GaAs (001) system: now, a significant proportion of work has branched out from this theme, including ferromagnetic metal alloys, and other III–V compound semiconductors. After a general overview of the topic, and a review of the more recent literature, we discuss recent results where advances have been made in our understanding of the physics underpinning magnetic anisotropy in these systems: tailoring the terms contributing to the angular-dependent free-energy density by employing novel fabrication methods and ferromagnetic metal electrodes.