The magnetocaloric effect and its most straightforward application, magnetic refrigeration, are topics of current interest due to the potential improvement of energy efficiency of cooling and temperature control systems, in combination with other environmental benefits associated to a technology that does not rely on the compression/expansion of harmful gases. This review presents the fundamentals of the effect, the techniques for its measurement with consideration of possible artifacts found in the characterization of the samples, a comprehensive and comparative analysis of different magnetocaloric materials, as well as possible routes to improve their performance. An overview of the different magnetocaloric prototypes found in literature as well as alternative applications of the magnetocaloric effect for fundamental studies of phase transitions are also included. (C) 2017 Elsevier Ltd. All rights reserved.