The Landau–Lifshitz (LL) equation is a universal model for integrable magnetic systems. It contains the sine–Gordon (SG), nonlinear Schrödinger (NLS), and the Heisenberg model (HM) equations as particular or limiting cases. It is well known that the NLS, SG, and HM equations possess recursion operators. A recursion operator of an equation in Hamiltonian form generates (a) a hierarchy of integrable equations, and (b) a second Hamiltonian operator and more generally a hierarchy of Poisson structures. Here the recursion operator of the LL equation is obtained algorithmically, and hence its bi-Hamiltonian formulation is established.