This project concerns the comprehensive experimental and theoretical study of different classes of molecular magnets with potential for future technical applications. One class is single molecule magnets (SMMs), which act as tiny bar magnets at low temperatures, another is metamagnets. In principle, a large quantity of information can be stored in a very small amount of these materials, and they are therefore being intensely studied for their applications in quantum computing. Experimental characterization of these systems, primarily using the techniques of Inelastic Neutron Scattering (INS), High-Field Multi-Frequency EPR, polarized neutron diffraction, and DC/AC magnetic susceptibility and magnetization measurements will be complemented by the comprehensive theoretical description of the single ion anisotropy, orbitally-dependent superexchange, Jahn-Teller effect, different relaxation mechanisms, metamagnetic effect etc. The main aim is to reveal the key mechanisms governing the SMM behavior of linear 3d-4f-3d and 3d-5d-3d clusters and the metamagnetic behavior of the two-dimensional molecular magnets. On this basis we plan to design new SMMs with unprecedentedly high blocking temperature and new two-dimensional metamagnetic molecular materials promising for molecular electronics and nanotechnological applications.