A comprehensive treatment of the thermodynamics of cyclic magnetic refrigeration processes is presented. It starts with a review of the work, heat and internal energy of a magnetized specimen in a magnetic field, and a list of the thermodynamic potentials is given. These are based on the very recent discovery of an alternative Kelvin force. It is shown that this force is compatible with the internal energy proposed by Landau and Lifshitz. New formulas for the specific enthalpies are presented. Cyclic processes are discussed in detail, e.g. the Brayton, Ericsson and Carnot cycles. Magnetic refrigeration and magnetic heat pump cycles are preferably designed by applying the cascade or/and regeneration principle. Cascade systems allow wider temperature ranges to be obtained. The main objective of this article is to yield a theoretical basis for an optimal design of new magnetic refrigeration and heat pump devices.