.. -Magnetization induced second harmonic generation (MSHG) is a new nonlinear magneto-optical technique that combines interface sensitivity with huge magneto-optical effects. These effects are due to the simultaneous breaking of inversion symmetry (at. interfaces) and timereversal symmetry (by the magnetization). The higher-order nonlinear optical t.ensor is also responsible for the appearance of essentially new magneto-optical effect.s that have no equivalent in the linear case.Because most magnet.ically ordered materials are centrosymmet.ric in their bulk form, MSHG is a particularly useful probe to st.udy the magnetic properties of the interfaces in magnetic multi layer systems, that are used for recording as well as sensor materials.In this paper, I will give a brief introduction and overview of this novel nonlinear magneto-optical technique, and discuss some recent advances in this field. In particular the possibilities to probe insitu the magnetic and structural (changes in the) interface properties of magnetic multilayer sensor and recording materials will be illustrated.