Permanent magnets capable of reliably operating at high temperatures up to ∼ 450 • C are required in advanced power systems for future aircrafts, vehicles, and ships. Those operating temperatures are far beyond the capability of Nd-Fe-B magnets. Possessing high Curie temperature, Sm-Co based magnets are still very important because of their hightemperature capability, excellent thermal stability, and better corrosion resistance. The extensive research performed around the year 2000 resulted in a new class of Sm 2 (Co, Fe, Cu, Zr) 17 -type magnets capable of operating at high temperatures up to 550 • C. This paper gives a systematic review of the development of Sm-Co permanent magnets, from the crystal structures and phase diagrams to the intrinsic magnetic properties. An emphasis is placed on Sm 2 (Co, Fe, Cu, Zr) 17 -type magnets for operation at temperatures from 300 • C to 550 • C. The thermal stability issues, including instantaneous temperature coefficients of magnetic properties, are discussed in detail. The significance of nanograin structure, nanocrystalline, and nanocomposite Sm-Co magnet materials, and prospects of future rare-earth permanent magnets are also given.