Magnetic hollow spheres with a controlled diameter and shell thickness have emerged as an important class of magnetic nanomaterials. The confined hollow geometry and pronouncedly curved surfaces induce unique physical properties different from those of flat thin films and solid counterparts. In this paper, we focus on recent progress on submicron-size spherical hollow magnets (e.g., cobalt- and iron-based materials), and discuss the effects of the hollow shape and the submicron size on magnetic and optical properties.