At the basis of future applications of spin electronics are ferromagnetic films that have a Curie temperature above room temperature, a crystal structure that allows for epitaxial growth on common semiconductor surfaces, and a high degree of spin polarization at the Fermi level. A class of ternary compounds, the so‐called Heusler alloys, combine these requirements as they are lattice‐matched to many compound semiconductors, have a compatible crystal structure (face‐centered cubic), and show high Curie temperatures. Moreover, calculations suggested that some Heusler alloys may belong to the magnetic class of half‐metals that is characterized by a 100% spin polarization at the Fermi level. We review the work on epitaxial‐Heusler alloy films on semiconductor surfaces. Special emphasis is laid on molecular‐beam epitaxy (MBE), as this growth method allows for an
in situ
control of the growth and structure of the material. Taking Co
2
FeSi on GaAs as an example, the structural and magnetic properties of MBE‐grown samples will be discussed.