The spin-polarized electronic structure of magnetic transition metalli
c materials is shown to be a fundamental part of spin density function
al (SDF) theory which is able to give a quantitative account of many g
round-state magnetic properties. Recent developments in the implementa
tion of this theory are mentioned and comments made concerning the com
parison of the electronic structure with spectroscopic measurements. T
he consequences of spinorbit coupling effects on the electronic struct
ure for magnetic anisotropy are uncovered via a relativistic generaliz
ation. The electronic structure of crystalline, magnetic and transitio
n metal alloys is discussed in some detail and the implications for lo
w-temperature, magnetic and related properties given. These include ma
gneto-volume effects and the connection between magnetism and composit
ional order. Recent work on amorphous, metallic magnets, magnetic over
layers, thin films and multilayers is briefly described. The theory fo
r low-temperature magnetic excitations is outlined in terms of the dyn
amic, spin susceptibility, which is also based on the electronic struc
ture. This gives an account of spin waves in ferromagnets and spin flu
ctuations in paramagnets. The picture of the paramagnetic state of tra
nsition metal ferromagnets at high temperatures is described in which
spin fluctuations are. modelled as 'local moments'. SDF theory is cons
equently extended to finite temperatures. The underlying electronic st
ructure is shown to be modified in some cases by these collective elec
tronic effects. Throughout the article, the successes and limitations
of the theoretical results, when compared to experimental measurements
, are set out.