This article discusses the main achievements and future perspectives of the MAGNEX spectrometer at the INFN-LNS laboratory in Catania (Italy). MAGNEX is a large acceptance magnetic spectrometer for the detection of the ions emitted in nuclear collisions below Fermi energy. In the first part of the paper an overview of the MAGNEX features is presented. The successful application to the precise reconstruction of the momentum vector, to the identification of the ion masses and to the determination of the transport efficiency is demonstrated by in-beam tests. In the second part, an overview of the most relevant scientific achievements is given. Results from nuclear elastic and inelastic scattering as well as from transfer and charge exchange reactions in a wide range of masses of the colliding systems and incident energies are shown. The role of MAGNEX in solving old and new puzzles in nuclear structure and direct reaction mechanisms is emphasized. One example is the recently observed signature of the long searched Giant Pairing Vibration. Finally, the new challenging opportunities to use MAGNEX for future experiments are briefly reported. In particular, the use of double charge exchange reactions toward the determination of the nuclear matrix elements entering in the expression of the half-life of neutrinoless double beta decay is discussed. The new NUMEN project of INFN, aiming at these investigations, is introduced. The challenges connected to the major technical upgrade required by the project in order to investigate rare processes under high fluxes of detected heavy ions are outlined. Magnetic spectrometers in Nuclear Reaction studies .