Abstract: Magnetic anisotropy (MA), i.e., the direction-dependent magnetic response of a material, is a key property in, e.g., the fields of quantum information, cryogenics and structural determination. Achieving a deep understanding and, ultimately, a full control over MA is therefore highly desirable. In this talk we will present how MA of molecules can be studied and exploited. We will explore how the study of MA has revealed periodic trends in the lanthanide series, of fundamental relevance in inorganic chemistry. Moreover, the possibility to control MA using physical stimuli such as temperature and magnetic fields will be presented. On the one hand will discuss how a careful chemical engineering of the Crystal Field can lead to the identification of performant molecular magnetic materials such as Single Molecule Magnets, and Pseudo Contact Shift agents. On the other hand we will present how MA can be exploited to obtain fine details about molecular orientation of thin molecular layers. Finally, a perspective on employing electric fields for the control of MA will be presented.