In this presentation, a short review of first principles theory of magnetic materials will be given, with emphasis on spin- and orbital magnetism, magnetic anisotropy, as well as collinear and non-collinear magnetic ordering. The basic theory of dynamics of magnetic materials will also be presented, i.e. the atomistic Landua-LIfshitz equation, and results from numerical simulations using this method will be presented. The potential for ultra-fast switching phenomena in certain suggested device structures will be discussed.