MAGIC (Major Atmospheric Gamma-ray Imaging Cherenkov Telescope) is a system of two 17 meters Cherenkov telescopes, sensitive to very high energy (VHE; $> 10^{11}$ eV) gamma radiation above an energy threshold of 50 GeV. The first telescope was built in 2004 and operated for five years in stand-alone mode. A second MAGIC telescope (MAGIC-II), at a distance of 85 meters from the first one, started taking data in July 2009. Together they integrate the MAGIC stereoscopic system. Stereoscopic observations have improved the MAGIC sensitivity and its performance in terms of spectral and angular resolution, especially at low energies. We report on the status of the telescope system and highlight selected recent results from observations of galactic and extragalactic gamma-ray sources. The variety of sources discussed includes pulsars, galactic binary systems, clusters of galaxies, radio galaxies, quasars, BL Lacertae objects and more.