Magnetite is the oldest magnet and the first material where the concept of a strong correlations driven metal-insulator transition was suggested and found at T V = 124 K in the so-called Verwey phase transformation. Recently, the structure below T V was solved revealing subtle electronic structure in the form of trimeron lattice that, according to yet another recent communication, may be switched within femtosecond range. In this review article, we argue that the same change of trimeron lattice can be achieved by a magnetic field, in the phenomenon called the easy axis switching. The results of many of our experiments show that although this process is best viewed by magnetization studies, it is also reflected in magnetostriction, causes some changes in electronic transport and can be observed microscopically by NMR that proved electronic order alteration. All those facts suggest that the axis switching process observed and studied by us is intimately linked with the fast change of electronic trimeron order mentioned above.Probably none of the naturally existing minerals was utilized by mankind and nature more in its pristine form than magnetite. Navigation in the world, both by artificial and natural compasses, storage media and, finally, the tool in the emerging field of spin electronics are a few examples only. But despite its role in civilization, magnetite displays yet another fascinating face: the Verwey transition (VT). In this first-order phase transformation, the resistivity drops two orders of magnitude when heated above T V = 124 K. Surprisingly, all groups of magnetite "application" and the Verwey transition are interwoven: cooling down magnetite below T V results in a drastic drop of electric conductivity, affecting its spintronic application and the thermal cycling across the transition greatly diminishes coercive force, i.e. magnetic memory (see e.g. [1]). This transition is the subject of our extensive studied described below.Not only resistivity jumps at T V ; the spectacular anomalies are observed practically in all physical characteristics. In particular, there is a huge peak in heat capacity, proving first-order character of the transition and the structure symmetry changes. The hightemperature magnetite structure was found of inverse spinel type, with Fd 3m symmetry and with Fe residing in tetrahedral and octahedral positions. When cooled below T V ,