Novel tissue engineering approaches are emerging to meet regenerative medicine demands and challenges towards successful therapies to completely restore the function in damaged or degenerated tissues. Among them, magnetic tissue engineering envisions the development of complex systems in which magnetic elements are exploited as remotely controlled multidimensional tools with potential for diagnostic and therapeutic actions. This chapter provides an overview of the latest developments in the design and assessment of magnetic tissue engineering strategies with particular emphasis on smart magnetic materials and their relevance for tissue regeneration. Special attention will be given to the fabrication of sophisticated systems from the nano to the macro scale, and to the role of magnetic smart materials for providing alternative approaches to address the demanding tissue requirements and meet successful alternative strategies for regenerative medicine. The cellular response to the presence of magnetic elements will also be considered in this chapter, including internalization and clearance mechanisms as well as the relevance of magnetic stimulation for cell proliferation and differentiation among other biological processes.