The well‐known magnetic materials used in present‐day technologies, such as, Fe, Fe2O3, Cr2O3, SmCo5, Nd2Fe14B, and so on, are all atom‐based. And due to this reason the preparation/processing of these conventional magnets requires energy consuming high temperature routes. In contrast, the new emerging molecule‐based magnetic materials exploit self‐assembly methods that play with weak intermolecular interactions to produce long‐range bulk magnetic order in them. The first successful synthesis of molecular magnets was made in 1986, and since then, a large variety of them have been synthesized, which can be categorized on the basis of the chemical nature of the magnetic units involved: organic, metal‐based systems, heterobimetallic assemblies, or mixed organic–inorganic systems, single molecule magnets, single chain magnets, and so on. Solubility, low density, and biocompatibility are attractive features of molecular magnets. Being weakly colored, unlike their opaque classical magnet “cousins” listed above, possibilities of photomagnetic switching exist. There have been attempts to design and synthesize polyfunctional molecular magnets, such as those exhibiting second‐order optical nonlinearity, liquid crystallinity, or chirality simultaneously with long‐range magnetic order. Efforts also continue to design the ever‐elusive polymer magnets toward applications in industry. While providing a brief overview of the field of molecular magnetism, this chapter aims to highlight a few recent developments in it, including from the author's own lab.