The theory of the dynamical spin susceptibility is developed, as relevant for the normal-state magnetic response and the resonant magnetic peak in superconducting (SC) cuprates. The analysis is based on the equations of motion for spins within the t– J model and the memory-function representation of magnetic response whereby the main damping of the spin collective mode comes from the decay into fermionic degrees of freedom. In the normal state the damping is generally large. Assuming the saturation of equal-time correlations at low T leads us to the anomalous ω/ T scaling, well known from experiments on cuprates at low doping. In the SC phase a d-wave gap leads to a sharp resonant peak with reduced intensity and downward dispersion.