Having served as playground for fundamental studies on the physics of d and f electrons for almost a century, magnetic molecules are today becoming increasingly important for technological applications, such as magnetic resonance, data storage, spintronics and quantum information. In all these, one requires the preservation and control of spins in time, an ability hampered by the interaction with the environment, namely with other spins, conduction electrons, molecular vibrations and electromagnetic fields. Thus, the design of a novel magnetic molecule with tailored properties is a formidable task, which does not only concern its electronic structures but also calls for a deep understanding of the interaction among all the degrees of freedom at play. This review describes how state-of-the-art ab initio computational methods, combined with data-driven approaches to materials modelling, can be integrated into a fully multi-scale strategy capable of defining design rules for molecular magnets.