The past few decades have made clear that the properties and performances of emerging functional and quantum materials can depend strongly on their local atomic and/or magnetic structure, particularly when details of the local structure deviate from the long-range structure averaged over space and time. Traditional methods of structural refinement (e.g., Rietveld) are typically sensitive only to the average structure, creating a need for more advanced structural probes suitable for extracting information about structural correlations on short length- and time-scales. In this Perspective, we describe the importance of local magnetic structure in several classes of emerging materials and present the magnetic pair distribution function (mPDF) technique as a powerful tool for studying short-range magnetism from neutron total-scattering data. We then provide a selection of examples of mPDF analysis applied to magnetic materials of recent technological and fundamental interest, including the antiferromagnetic semiconductor MnTe, geometrically frustrated magnets, and iron-oxide magnetic nanoparticles. The rapid development of mPDF analysis since its formalization a decade ago puts this technique in a strong position for making continued impact in the study of local magnetism in emerging materials.