Ferromagnetism is the basic mechanism by which certain materials (such as iron) form permanent magnets, or are attracted to magnets. In physics, several different types of magnetism are distinguished. Ferromagnetism (including ferrimagnetism) is the strongest type; it is the only type that creates forces strong enough to be felt, and is responsible for the common phenomena of magnetism encountered in everyday life. Other substances respond weakly to magnetic fields with two other types of magnetism, paramagnetism and diamagnetism, but the forces are so weak that they can only be detected by sensitive instruments in a laboratory. An everyday example of ferromagnetism is a refrigerator magnet used to hold notes on a refrigerator door. The attraction between a magnet and ferromagnetic material is "the quality of magnetism first apparent to the ancient world, and to us today".

Permanent magnets (materials that can be magnetized by an external magnetic field and remain magnetized after the external field is removed) are either ferromagnetic or ferrimagnetic, as are other materials that are noticeably attracted to them. Only a few substances are ferromagnetic; the common ones are iron, nickel, cobalt and their alloys, some compounds of rare earth metals, and a few naturally-occurring minerals such as lodestone.