Nanostructured magnetic materials are intensively studied due to their unusual properties and promise for possible applications. The key issues in these materials relate to the connection between their physical properties (transport, magnetism, mechanical, etc.) and their chemical-physical structure. In principle, a detailed knowledge of the chemical and physical structure allows calculation of their physical properties. Theoretical and computational methods are rapidly evolving so that magnetic properties of nanostructured materials might soon be predicted. Success in this endeavor requires detailed quantitative understanding of the magnetic structure and properties.