The uncertainty in rare‐earth market resulted in worldwide efforts to develop rare‐earth‐lean/free permanent magnets. In this paper, we discuss about this problem and analyse how advances in computational and theoretical condensed matter physics could be essential in the development of a new generation of high‐performance permanent magnets via high‐throughput computational technique for material design. Additionally, we show that an adaptive genetic algorithm based methodology could be a useful tool for finding new magnetic phases. In particular, we apply such approach to Fe0.75Sn0.25 compound recovering well‐known experimental results and also finding new low‐energy magnetic metastable structures
