This review discusses the optical phenomena in molecule-based magnetic materials, highlighting their potential applications in sensors, data storage, spintronics, and quantum computation. These materials, composed of molecular components like organic radicals and metal complexes, exhibit various optical effects such as thermochromism, photoswitching, luminescence, and chiroptical effects. The interaction between these optical effects and magnetism in molecule-based materials can lead to new physical cross-effects and multifunctionality, enriching applications in optical, electronic, and magnetic devices. The review covers recent advances in areas such as high-temperature photomagnetism, optical thermometry using single-molecule magnets, optical addressability of molecular qubits, magneto-chiral dichroism, and opto-magneto-electric multifunctionality. It discusses the thermal switching of light absorption in molecule-based magnetic materials, photoswitching of these materials, luminescence, chirality-related optical effects, and optical multifunctionality. The review also highlights the potential of molecule-based magnetic materials in sensing, data storage, and other applications, emphasizing their unique properties and the importance of their optical and magnetic interactions.This review discusses the optical phenomena in molecule-based magnetic materials, highlighting their potential applications in sensors, data storage, spintronics, and quantum computation. These materials, composed of molecular components like organic radicals and metal complexes, exhibit various optical effects such as thermochromism, photoswitching, luminescence, and chiroptical effects. The interaction between these optical effects and magnetism in molecule-based materials can lead to new physical cross-effects and multifunctionality, enriching applications in optical, electronic, and magnetic devices. The review covers recent advances in areas such as high-temperature photomagnetism, optical thermometry using single-molecule magnets, optical addressability of molecular qubits, magneto-chiral dichroism, and opto-magneto-electric multifunctionality. It discusses the thermal switching of light absorption in molecule-based magnetic materials, photoswitching of these materials, luminescence, chirality-related optical effects, and optical multifunctionality. The review also highlights the potential of molecule-based magnetic materials in sensing, data storage, and other applications, emphasizing their unique properties and the importance of their optical and magnetic interactions.