A B S T R A C TThe applications of exchange coupled bi-magnetic hard/soft and soft/hard ferromagnetic core/shell nanoparticles are reviewed. After a brief description of the main synthesis approaches and the core/shell structural-morphological characterization, the basic static and dynamic magnetic properties are presented. Five different types of prospective applications, based on diverse patents and research articles, are described: permanent magnets, recording media, microwave absorption, biomedical applications and other applications. Both the advantages of the core/shell morphology and some of the remaining challenges are discussed.