Permanent magnets constitute an essential part of our society, for motors and generators as well as for other electronic devices such as biomedical sensors and scanners. The ever growing technological demand has driven, since their discovery, the difficult task of improving the properties of these materials. Since the 1960s, a large portion of the world production of such magnets is based on rare earths like Sm and Nd. The situation has become even more complex due to the fact that almost all of the world mines of rare earths are located in China, which has dramatically increased the prices and supply risks. In this article, the challenge of the permanent magnets will be revised, and its potential solutions addressed.