The magnetocaloric refrigeration and heat pumping is considered to be one of the most important alternatives to existing vapour-compression technologies. In the past two decades we have witnessed a substantial increase in basic and applied research efforts to bring this technology to the market. Despite the significant research progress that has been made, there are several critical issues that need to be solved in the near future. These concern efficient heat transfer, the reduction or removal of moving parts, and rare-earth-free and stable, energy-efficient magnets and magnetocaloric materials. This article gives an overview and updated information on global research achievements in magnetic refrigeration and heat pumping.  The article addresses the most important and also some overlooked solutions that could pave the way for the future developments of magnetocalorics and their realistic market applications.