Single‐molecule magnets (SMMs) are discrete metal complexes that retain their magnetisation below a certain temperature, with possible applications in quantum information processing, molecular spintronics and high‐density data storage. Complexes of lanthanoid(III) ions have proven highly successful in the field, some exhibiting magnetic hysteresis at liquid nitrogen temperatures. Inelastic neutron scattering (INS), widely used for the study of the crystal field splitting engendered by the coordination environment of metal centres, can afford a wealth of information when applied to the study of these molecular nanomagnets, as the SMM properties arise from the electronic structure of the lanthanoid(III) ions. Although relatively underutilised to date, INS can be employed alongside crystal field analysis, and/or ab initio calculations, to understand how subtle structural changes impact SMM behaviour. In this Minireview we discuss the application of INS to the study of lanthanoid complexes, to elucidate both crystal field splitting and exchange coupling in coupled metal‐radical and metal‐metal SMMs.