Magnetism is a physical phenomenon that is propitiated by the magnetic fields. The elementary particle’s magnetic moments and electric currents generate magnetic fields. The ferromagnets are greatly attracted by the magnetic fields, hence, they can be magnetized easily to permanent magnets. Ferromagnetic substances are limited, the most frequently used are cobalt, nickel, iron and their alloys. The magnetic phase or state of a material is dependent on temperature and other variables like applied magnetic field and pressure. Any material can exhibit more than one form of magnetism as these variables changes.