Plasmonics has been attracting considerable interest as it allows localization of light at nanoscale dimensions. A breakthrough in integrated nanophotonics can be obtained by fabricating plasmonic functional materials. In particular, magneto‐optical materials are appealing as they may provide ultrafast control of laser light and surface plasmons via an external magnetic field. In this article, we demonstrate that it provides a significant enhancement of magneto‐optical effects as proved by increase in the intensity and polarization rotation effects by several orders of magnitude. Plasmonic structures can be operated in transmission, so that it may be implemented in devices for telecommunication, plasmonic circuitry, magnetic field sensing, and all‐optical magnetic data storage.