Magnetic nanoparticles have been building blocks in applications ranging from high density recording to spintronics and nanomedicine [1]. Magnetic anisotropies in nanoparticles arising from surfaces, shapes, and interfaces in hybrid structures are important in determining the functional response in various applications. In this talk I will first introduce the basic aspects of anisotropy and discuss resonant radio-frequency (RF) transverse susceptibility, which we have used extensively, as a powerful method to probe the effective anisotropy in magnetic materials. The tuning of anisotropy has a direct impact on the performance of functional magnetic nanoparticles in biomedical applications such as contrast enhancement in magnetic resonance imaging and magnetic hyperthermia for cancer therapy. I will focus on the role of tuning surface and interfacial anisotropy with a goal to enhance specific absorption rate or heating efficiency. Strategies going beyond simple spherical structures to include exchange coupled core-shell nanoparticles, nanowires, and nanotubes, can be exploited to increase heating efficiency in magnetic hyperthermia [2], [3]. In addition to biomedical applications, composites of anisotropic nanoparticles dispersed in polymers pave the way to a range of electrically and magnetically tunable materials for RF and microwave device applications [4]. This lecture will combine insights into fundamental physics of magnetic nanostructures along with recent research advances in their application to nanomedicine and electromagnetic devices.