Progress in magnetic functional materials and applications in 1996~1997 is presented. The main contents of this review are: (1) giant magnetic impedance materials at radio frequencies and ultra- high frequencies; (2) high-temperature superconductors used in new types of magnetic levitation trains; (3) Kerr microscopy and Hall microscopy ;(4) magneto -optical isolators and transducers;(5) magnetic film inductors and film transforms for ultra -high frequency bands.