Electrical power generation, distribution, and conversion systems are key infrastructure technologies. There is continual demand for electrical systems with higher power density that must also meet aggressive efficiency and reliability requirements. Advanced magnetic materials are critical to the performance of these systems. The complementary needs of high power density and high system efficiency demand components that exhibit low power loss at high frequencies. Advanced electric machines and drives, often with permanent magnet architectures, are being developed to operate at continually higher speeds and temperatures. Novel machine architectures are enabled by newly developed alternatives to traditional electrical steels and rare earth permanent magnets. Advanced cooling cycles based on magnetocaloric materials are being developed for thermal management systems. Strategies for improved magnetic material performance will be discussed that include nanoscale structure control, novel device geometries, new alloy and compound development, and improved processing methods to maintain a sustainable value chain.