The current state‐of‐the‐art in the fields of Nuclear Magnetic Resonance (NMR) and Electron Spin Resonance (ESR) micro‐imaging is reviewed. Special attention is given to the uniqueness and the advantages of the conventional “induction” detection method with respect to other emerging sensitive magnetic resonance detection and imaging techniques. Following this, a theoretical description of the factors affecting the sensitivity and resolution in induction detection ESR is provided. Based on the theory, new approaches to substantially improve ESR capabilities, both at room temperature and at low cryogenic temperatures, are discussed. Representative results of experiments conducted at room temperature and at frequencies of 10–16 GHz show that with test samples, a sensitivity of ∼107 electron spins and a resolution of ∼3 microns are currently available. The results confirm the validity of the theoretical approach and confirm the value of striving for even higher frequencies and lower temperatures, in order to further improve the performance Finally, some of the current and potential applications of ESR microscopy and nanoscopy (involving imaging with a resolution of ∼100 nm or better) are presented.