In this article, we present an overview of various static magnetization configurations and their dynamic reversal modes for elements of typical sizes from a few nanometers to a few micrometers. Initially, commonly employed techniques for the magnetic imaging and characterization of such systems are briefly reviewed. We then concisely outline the basic theoretical details of micromagnetism and in particular the main energy terms that determine the formation and dynamics of different states. To describe the simplest case of a single‐domain system, we present Stoner–Wohlfarth theory and compare its predictions to experimental studies. For larger elements, we discuss the formation of nonuniform and multidomain states, based on a fine balance of the aforementioned energy terms. In particular, for the most widely studied high‐symmetry geometries, the interplay between these energy terms and the element shape for the formation of the prevalent states is discussed. Next, the dynamic reversal of the elements is presented, beginning with the Landau–Lifshitz–Gilbert equation that governs uniform dynamics of single‐domain systems. Further reversal modes including curling, buckling, and domain wall motion are presented for nonuniform states, by a number of case studies. The work is primarily motivated from a fundamental standpoint, but links to potential device applications are highlighted throughout.