We study atom-ion scattering in the ultracold regime. To this aim, an analytical model based on the multichannel quantum defect formalism is developed and compared to close-coupled numerical calculations. We investigate the occurrence of magnetic Feshbach resonances focusing on the specific 40 Ca + + Na system. The presence of several resonances at experimentally accessible magnetic fields should allow the atom-ion interaction to be precisely tuned. A fully quantum-mechanical study of charge exchange processes shows that charge-exchange rates should remain small even in the presence of resonance effects. Most of our results can be cast in a system-independent form and are important for the realization of the charge-neutral ultracold systems.Advances in trapping, cooling, manipulation and readout of single atoms and ions have led over recent years to a range of fundamental as well as applied investigations on the quantum properties of such systems. Nowadays, an increasing number of experimental groups worldwide are starting experiments with combined charged-neutral systems in various configurations [1]. While the theory of atom-ion collisions is well established for high collision energies [2,3], a theoretical description in the ultracold domain is still largely missing.This letter presents the first study of magnetic Feshbach resonances and the first fully quantum study of the radiative charge exchange process for ultracold atomion systems that includes effects of Feshbach and shape resonances. Here we consider only two-body collisions in free space, a necessary prelude to further studies incorporating effects of ion micromotion or trap confinement. We develop a reliable yet manageable effective model of atom-ion collisions by applying multichannel quantum defect theory (MQDT) [4,5,6] based on the long range ion-induced-dipole potential that varies as r −4 at large ion-atom distance r [7,8]. This powerful tool has proven effective as a few-parameter approach for describing scattering and bound states in electron-ion core [4], electron-atom [9] and neutral atom systems [10]. Although the literature on the subject is rich, here we discuss some details of MQDT illustrating how it works in the ultracold domain, so we can reveal the new and interesting ultracold ion-atom physics. We adapt MQDT to the atom-ion realm, utilizing the analytical solutions for the r −4 asymptotic potential [9,11] and applying the frame transformation [10,12] at short distances to reduce the number of quantum defect parameters in the model. We verify the model predictions by comparing to our own numerical close-coupled calculations, taking 40 Ca + − 23 Na [13] as a reference system.We describe the S-state atom and S-state ion collisions with the close-coupled radial Schrödinger equationHere, µ = m i m a /(m i + m a ) denotes the reduced mass, W(r) is the interaction matrix, and F(r) is the matrix of radial solutions. The wave function for N scattering channels reads Ψ i (r) = N j=1 A j Y j (r)F ij (r)/r where Y j (r) denotes the angular par...