After introducing the concepts of linear and nonlinear magneto‐optics in the visible spectral range, the flourishing field of X‐ray circular and linear dichroism is briefly discussed with pertinent examples. The experimental part starts with the basic idea of magneto‐optic ellipsometry and then focuses on the development of new experimental techniques like vector magneto‐optical Kerr effect (MOKE), diffracted MOKE, dynamic MOKE, nonlinear MOKE, and magneto‐optic X‐ray microscopy. Specified and timely material aspects are finally discussed under the topics magneto‐optical storage materials, magnetic semiconductors, antiferromagnets, and magnetophotonic crystals. It is stressed that the magneto‐optical probe is indispensable in the limits of very short times (
femtomagnetism
), that it plays a leading role in the development of
spintronics
, and that nano‐ and microstructured magnetic materials have opened the new field of
magnetophotonics
.