The ideal magnetocaloric material would lay at the borderline of a first-order and a second-order phase transition. Hence, it is crucial to unambiguously determine the order of phase transitions for both applied magnetocaloric research as well as the characterization of other phase change materials. Although Ehrenfest provided a conceptually simple definition of the order of a phase transition, the known techniques for its determination based on magnetic measurements either provide erroneous results for specific cases or require extensive data analysis that depends on subjective appreciations of qualitative features of the data. Here we report a quantitative fingerprint of first-order thermomagnetic phase transitions: the exponent n from field dependence of magnetic entropy change presents a maximum of n > 2 only for first-order thermomagnetic phase transitions. This model-independent parameter allows evaluating the order of phase transition without any subjective interpretations, as we show for different types of materials and for the Bean–Rodbell model.

This perspective provides an overview of the state of research and innovation in the areas of magnetocaloric and pyromagnetic materials, and electrocaloric and pyroelectric materials, including the overlapping sub‐areas of multicaloric and multipyro materials that can operate simultaneously under the application of magnetic and electric fields. These materials are critically examined for their potential to revolutionize cooling, heating, and energy‐harvesting applications. This perspective first summarizes the state‐of‐the‐art advancements and highlights recent significant developments. Then, it is identified and discussed that the prevailing challenges hindering the widespread adoption of technologies based on these materials. In this context, after consulting with members of the caloric and pyro communities, a technology roadmap is outlined to guide research efforts in overcoming current barriers to applications, with the goal of achieving impactful results by 2040. This roadmap emphasizes the importance of focusing on under‐researched materials, novel devices, and application spaces, paving the way for interdisciplinary efforts that can lead to significant reductions in carbon dioxide emissions.

Magnetocaloric refrigeration has remained a promising alternative to conventional refrigeration for the last few decades. The delay in reaching the market is significantly based on materials’ related issues, such as hysteresis/reversibility, mechanical stability, or formability. This perspective paper shows the current trends in magnetocaloric materials research, highlighting the families of alloys and compounds that are gaining attention in the recent years. It also includes an overview of novel approaches that can be used to analyze these properties that could improve the applicability of magnetocaloric materials.