From the various aspects of spintronics the review highlights the area devoted to the creation of new functional materials based on magnetic semiconductors and demonstrates both the main physical phenomena involved and the technical possibilities of creating various devices: maser, p-n diode with colossal magnetoresistance, spin valve, magnetic lens, optical modulators, spin wave amplifier, etc. Particular attention is paid to promising research directions such as ultrafast spin transport and THz spectroscopy of magnetic semiconductors. Special care has been taken to include a brief theoretical background and experimental results for the new spintronics approach employing magnetostrictive semiconductors—strain-magnetooptics. Finally, it presents top-down approaches for magnetic semiconductors. The mechano-physical methods of obtaining and features of the physical properties of high-density nanoceramics based on complex magnetic oxides are considered. The potential possibility of using these nanoceramics as an absorber of solar energy, as well as in modulators of electromagnetic radiation, is shown.