Theoretical and experimental work on the effect of light on the magnetic properties of strongly magnetic materials is reviewed. This phenomenon is caused primarily by the change in the exchange interaction and magnetic anisotropy. The manifestations of photomagnetism are very diverse. Light can affect the long-range order, raising the Curie point of ferromagnetic materials, changing the type of ordering or giving rise to the appearance of magnetization in antiferromagnetic materials. Light can also change the domain structure, affect the motion of domain walls under the action of external forces, and itself give rise to the motion of domain walls. From the theoretical viewpoint, photoinduced order-disorder phase transitions are of special interest as an example of phase transitions in open systems. The review covers works published up to September 1985.