Extreme magnetic fields (>2 Tesla), especially when combined with induction heating, have been shown to have profound effects on the processing and synthesis of structural and functional materials. Through the combined action of high magnetic fields, induction heating and rapid quenching both thermodynamic driving forces and nucleation kinetics are influenced. Multiple facets of advanced thermomagnetic processing are discussed along with several highlights of this industrially scalable technology. The morphological evolution and materials properties are discussed and coupled to the underlying mechanisms through microstructural analysis, thermodynamics and first principles calculations. It is demonstrated that for ferromagnetic materials there are entirely new phase equilibria regimes and microstructures that can be obtained with enhanced material properties. High magnetic fields accelerate phase transformation kinetics significantly in these alloys. Accelerated kinetics has major energy savings implications for industrial applications. Recent research on paramagnetic light weight alloy systems is also discussed. Research sponsored by the U.S. Department of Energy, Office of Energy Efficiency and Renewable Energy, Industrial Technologies Program, under contract DE-AC05-00OR22725 with UT-Battelle, LLC.