Due to innovations in nanomagnetism the magnetic data bit keeps shrinking both in size and cost, for example the innovation of devices such as spin valves have opened a new area of spintronics and understanding of magnetism at the nanoscale. Scientists are exploring single atoms, 1-D chains of atoms, and two-dimensional islands, ferromagnetic nanoparticles and 3-D clusters ferromagnetic nanowires and ultra thin films composed of one or several atomic layers. Research is focused on main areas such as spatially resolved hysteresis loops in nanostructures, Spectroscopy of magnetic excitations in restricted dimensional systems, transport phenomenon in magnetically modulated nanowires. Research is also being done on new instrumentation and procedures to perform these measurements such as spatially resolved spin-dependent measurements with variable, low temperature scanning tunneling microscopes, spin-polarized electron scattering and secondary electron emission, magneto optical Kerr effect and transport measurements through ballistic nanoconstrictions. Nanoscale magnetic materials can be fabricated by thermal evaporation, electrochemical deposition, laser ablation and atomic scale manipulation.