Since its discovery in magnetic multilayers, the giant magnetoresistan
ce has become one major research topic in both applied and pure magnet
ism. At first, new theories had to be devised to explain the oscillati
ng indirect exchange coupling and to understand how spin-dependent tra
nsport properties give rise to the giant magnetoresistance. Also, beca
use the magnetic multilayers where, at the time, a new class of materi
als, a lot of attention has been devoted to the study of their structu
ral properties. In this paper, we review some experimental results and
theoretical models on GMR in magnetic multilayers. Then, we present a
n overview of the giant magnetoresistance in new nanostructures - gran
ular alloys and hybrid systems - with magnetic entities in the form of
clusters instead of layers.