Rare earth permanent magnets constitute a mature technology, but the shock of the 2011 rare earth crisis led to the re-evaluation of many ideas from the 1980s and 1990s about possible new hard magnets containing little or no rare earth (or heavy rare earth). Nd–Fe–B magnets have been painstakingly and skillfully optimized for a wide range of applications in which high performance is required at reasonable cost. Sm–Co is the material of choice when high-temperature stability is required, and Sm–Fe–N magnets are making their way into some niche applications. The scope for improvement in these basic materials by substitution has been rather thoroughly explored, and the effects of processing techniques on the microstructure and hysteresis are largely understood. A big idea from a generation ago—which held real potential to raise the record energy product significantly—was the oriented exchange-spring hard/soft nanocomposite magnet; however, it has proved very difficult to realize. Nevertheless, the field has evolved, and innovation has flourished in other areas. For example, electrical personal transport has progressed from millions of electric bicycles to the point where cars and trucks with electrical drives are becoming mainstream, and looks ready to bring the dominance of the internal combustion engine to an end. As the limitations of particular permanent magnets become clearer, ingenuity and imagination are being used to design around them, and to exploit the available mix of rare earth resources most efficiently. Huge new markets in robotics beckon, and the opportunities offered by additive manufacturing are just beginning to be explored. New methods of increasing magnet stability at elevated temperature are being developed, and integrated multifunctionality of hard magnets with other useful properties is now envisaged. These themes are elaborated here, with various examples. Keywords: Rare earth magnets, Magnetic anisotropy, Coercivity, Energy product, Magnetic composites, Additive manufacturing