Ferromagnetic shape memory alloys exhibit martensite transformation (MT) and magnetic transition and thus may be actuated by thermal and magnetic fields. The working frequency of these alloys may be higher than conventional shape memory alloys, such as Ni-Ti, because the magnetic field may operate at higher frequency. This chapter focuses on some fundamental topics of these multifunctional materials, including the composition-structure relationship, the synthesis of the foams and microwires, the martensite transformation and magnetic transition characters, the properties (magneticfield-induced strain (MFIS), magnetocaloric effects (MCEs), shape memory effects, and superelastic effects), and applications. The improvement of the magnetic-field-induced strain due to the reduced constraint of twin boundary motion caused by grain boundaries in polycrystalline Ni-Mn-Ga foams and the size effects of the superelasticity and magnetocaloric properties in Ni-Mn-X (X = In, Sn, Sb) microwires are detailed and addressed.