Research and development in nanostructured materials is one of the most intensely studied areas in science. As a result of concerted R & D efforts, nanostructured electronic and magnetic materials have achieved commercial success. Specific examples of novel industrially important nanostructured electronic and magnetic materials are provided. Advantages of nanocrystalline magnetic materials in the context of both materials and devices are discussed. Several high technology examples of the use of nanostructured magnetic materials are presented. Methods of processing nanostructured materials are described and the examples of sol gel, rapid solidification and powder injection moulding as potential processing methods for making nanostructured materials are outlined. Some opportunities and challenges are discussed.