Non‐Hermitian Hamiltonians may still possess real eigenvalues in case of the existence of parity‐time (PT) symmetry. Exceptional points (EPs) occur at the phase transition from real to complex eigenvalues due to PT‐symmetry breaking in the parameter space. Magnonic devices use magnons to carry, transport, and process information, which have the advantages of low energy dissipation, wave‐based computing, and nonlinear data processing. The combination of PT‐symmetry and magnonics may lead to novel physics as well as unprecedented functional device applications. Recently, the research of PT‐symmetry in magnetism has developed rapidly. In this review, the theoretical predictions as well as experimental findings of PT‐symmetry in magnetism are summarized. First, a brief introduction to PT symmetry, EPs, and anti‐PT symmetry is presented. Second, the theoretical and experimental progress of magnonic PT symmetry are summarized. Third, the theoretical predictions of higher‐order EPs and anti‐PT symmetry in magnonic systems are given. Finally, the study concludes by discussing the future challenges and research prospects in magnonic PT‐symmetry, and proposals for experimental observations of magnonic higher‐order EPs and anti‐PT symmetry are suggested.