n this paper, two attractive features of the recent advances in Hard and Soft magnetic materials are reviewed. The nitrogenation of Sm2Fe17 has produced a promising new hard magnetic magerial with a curie temperature and magnetic anisotropy higher than Nd2Fe14B. For the soft magnetic materials, the classical technique for microstructure of big grains has been broken by the success in the development of Fe - matrix nanocrystalline due to its high magntization and high permeability. These and other recent advances in hard and soft magnitic materials ard briefly reviewed.