This paper gives an overview of our recent works on the effect of magnetic annealing, i.e. annealing in a magnetic field, on the evolution of texture and grain boundary microstructure in ultra-fine grained and nanocrystalline magnetic materials differently produced; rapidly solidified Fe-6.5mass%Si ribbons, electrodeposited nanocrystalline nickel, and nanocrystalline Fe78Si9B13 alloy ribbon crystallized from the amorphous state. It was found that the effect of magnetic annealing was powerful and useful for controlling grain growth resulting in the evolution of different types of texture and grain boundary microstructure, depending on the condition of magnetic annealing. In particular, the magnetic crystallization of amorphous Fe78Si9B13 alloy was found to be powerful for producing a nanocrystalline material with a sharp texture and a special grain boundary microstructure.