The magnetocaloric effect describes the change in temperature of a magnetic material under adiabatic conditions through the application or removal of an external magnetic field. This effect is particularly pronounced at temperatures and fields corresponding to magnetic phase transitions, and it is a powerful and widely used tool for investigating the magnetic state and mechanisms of these transitions. Recently, there has been significant interest in its possible exploitation in magnetic refrigeration and cryocooling systems.The Magnetocaloric Effect and its Applications presents a complete overview of theoretical and experimental research results surrounding the magnetocaloric effect, and a comprehensive discussion of current and potential applications of the phenomenon. The book reviews those materials with magnetic moment both of band and localized nature and various types of magnetic ordering. It also considers materials with more exotic magnetic structures, and gives a detailed discussion on experimental and theoretical studies of a great number of rare earth magnetic materials, with emphasis on the physical interpretation of observed phenomena.