Magnetic refrigeration uses the magnetocaloric effect to achieve cooling through a thermodynamic cycle that involves magnetizing and demagnetizing a material. It was discovered in 1881 and further developed in the 1920s-1930s to achieve temperatures below 1K. Recent research has focused on materials with giant magnetocaloric effects and developing practical refrigerator designs. Magnetic refrigeration offers higher efficiency and lower costs than vapor compression refrigeration, with benefits for the environment and new technologies. Further development is still needed to address challenges like improving magnetocaloric materials and precision moving parts.