This Perspective provides an overview of recent developments in the field of 3d transition metal (TM) catalysts for different reactions, including oxygen-based reactions such as the oxygen reduction reaction (ORR) and oxygen evolution reaction (OER). The spin moments of 3d TMs can be exploited to influence chemical reactions, and recent advances in this area, including the theory of chemisorption based on spin-dependent d-band centers and magnetic field effects, are discussed. The Perspective also explores the use of scaling relationships and surface magnetic moments in catalyst design as well as the effect of magnetism on chemisorption and vice versa. In addition, recent studies on the influence of a magnetic field on the ORR and the OER are presented, demonstrating the potential of ferromagnetic catalysts to enhance these reactions through spin polarization.