In this editorial, a brief background of the surface plasmon resonance (SPR) principle is discussed, followed by several aspects of magneto-optic SPR (MOSPR) and sensing schemes from the viewpoint of fundamental studies and potential technological applications. New sensitivity metrics are introduced that would allow researchers to compare the performance of SPR and MOSPR-based sensors. Merits of MOSPR over SPR based sensors and challenges faced by MOSPR sensors in terms of their practical use and portability are also considered. The editorial ends with potential new configurations and future prospects. This work is considered highly significant to device engineers, graduate and undergraduate students, and researchers of all levels involved in developing new classes of bio-devices for sensing, imaging, environmental monitoring, toxic gas detection, and surveying applications to name a few.