This lecture covers the fundamental concepts of hard magnets, including the importance of energy product, coercive field, and anisotropy. Specific examples such as Nd-Fe-B and SmCo are discussed, highlighting their unique characteristics and production methods. The lecture also delves into the performance enhancement by Dy and the challenges in the magnet production and supply chain, emphasizing the significance of rare earth elements. Various applications of hard magnets, such as in wind energy and MRI, are explored, showcasing their crucial role in modern technologies.