The need for energy‐efficient and environmentally friendly refrigeration, heat pumping, air conditioning, and thermal energy harvesting systems is currently more urgent than ever. Magnetocaloric energy conversion is among the best available alternatives for achieving these technological goals and has been the subject of substantial basic and applied research over the last two decades. The subject is strongly interdisciplinary, requiring proper understanding and efficient integration of knowledge in different specialized fields. This review article presents a historical and up‐to‐date account of the energy‐related applications of magnetocaloric materials and information about their processing and magnetic fields, thermodynamics, heat transfer, and other relevant characteristics. The article also discusses the conceptual design of magnetocaloric refrigeration and power generation systems and some guidelines for future research in the field.

In recent years, several emerging technologies in the domain of solid-state physics have been investigated as serious alternatives for future refrigeration, heat pumping, air conditioning, or even power generation applications. These technologies relate to what is called caloric energy conversion, i.e., barocalorics, electrocalorics, magnetocalorics, and elastocalorics. Of these technologies, the greatest progress has been observed in the domain of magnetic refrigeration. However, in the recent few years, significant research efforts have also been made in the field of electrocaloric and elastocaloric refrigeration. Many of these technologies suggest the possibility for improvements in energy efficiency, compactness, noise level, as well as a reduction in environmental impacts, so it seems very probable that they will start to fill particular market niches as a replacement for vapor-compression technology in the future