Superconducting magnetic energy storage (
SMES
) systems can store energy in a magnetic field created by a continuous current flowing through a superconducting magnet. Compared to other energy storage systems,
SMES
systems have a larger power density, fast response time, and long life cycle. Different types of low temperature superconductors (
LTS
) and high temperature superconductors (
HTS
) are compared. A general magnet design methodology, which aims to find the maximum operating current that can be taken by a magnet, is presented. However, for magnets using coated conductors, a more complicated model has to be used because of the shielding currents created by the magnetic field. The Virial theorem is discussed, which limits the maximum energy density in a
SMES
magnet. The topologies of persistent switch and
AC
/
DC
converters have been discussed and compared. In Section 4, an overview of the development history of
SMES
technologies are discussed. This covers early development of large‐scale
SMES
for bulk energy storage and recent development of small‐scale
SMES
for fast‐response applications. Finally, the applications of
SMES
systems are discussed, which include load leveling, frequency support, and voltage regulations.