Magnetic nanostructures have long been in the focus of intense research in the magnetic storage industry. For data storage the nonvolatility of magnetic states is of utmost relevance. As information technology generates the need for higher and higher data-transfer rates, research efforts have moved to understand magnetization dynamics. Here, spin waves and their particle-like analog, magnons, are increasingly attracting interest. High-quality nanopatterned magnetic media now offer new ways to transmit and process information without moving electrical charges. This new functionality is enabled by spin waves. They are confined by novel functioning principles, which render them especially suitable to operate at the nanoscale. Magnonic crystals are expected to provide full control of spin waves, similarly to what photonic crystals already do for light. Combined with nonvolatility, multifunctional metamaterials might be formed. We report recent advances in this rapidly increasing research field called magnonics.