The word ÒmagnetÓ refers to the material having both directive and attractive property. The magnet with its two such distinct and significant properties have attracted common man as well as researcher because of its obvious applications in various fields like electronic, electrical telecommunication, biomedical, power, food, automobile, construction, recording media and computer industries. Research in this area has gained momentum since 1914. It focuses on synthesis, characterization, functionalization of the properties of these materials for betterment of human life in the society.