Nanomagnetism encompasses naturally occurring magnetic molecules and clusters as well as artificially structured low-dimensional magnetic materials. Basic research areas include the pursuit of novel interfacial magnetic coupling and spin-transport phenomena and creating new magnetic electronic architectures. In addition to the study of fundamental magnetic phenomena, nanomagnets may in the future form the basis of emerging technologies, such as in ultra-high density data storage media, ultra-strong permanent magnets, and biological and chemical sensing. Herein we highlight materials chemistry contributions to the quest for new magnetic functionalities, including the fabrication of surfactant-mediated magnetic particles and soft matter templates as platforms for hierarchically assembled hybrid magnetic materials. Nanomagnetism is positioned at the frontier between chemistry and magnetism. Devising methods to organize functional magnetic nanostructures draws on the unique strengths of a diverse materials chemistry community.