The MAGIC telescope is an imaging air Cherenkov telescope for very high energy gamma-ray astronomy. The scientific outcome of MAGIC at the end of its second cycle of observations includes outstanding results in both galactic and extragalactic physics. Among them the observation of periodic gamma-ray emission from the galactic binary system LSI+61, an unprecedented fast variability in the flux of the active galaxy Mrk 501 and the discovery of several new gamma-ray sources. The status and ongoing upgrades of the experiment, and a review of the main physics results are presented.