This book reports on results related to the impact of magnetic anisotropy on the properties of a new type of nanocomposite consisting of ferromagnetic nanoparticles embedded in carbon nanotubes. The authors demonstrate that when each nanotube contains only one ferromagnetic nanoparticle, the magneto-elastic anisotropy leads to the formation of densely packed arrays of magnetically isolated nanoparticles. Following this, the aspects of perpendicular magnetic anisotropy of FeCoZr-CaF2 nanocomposite films induced by shape anisotropy of metallic nanoparticles are explored, as well as the methods of anisotropy enhancement by the films treatment. Several examples of the prospective technical applications of magnetic liquids are presented. Three examples are discussed in more detail in the final chapter: controlled torsion dampers for applications in transportation, ferrofluid controlled capacitors for applications in sensor technology, and peristaltic pumps that take advantage of magneto-elastic properties.