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Over the last decade's magnesium and magnesium based compounds have been intensively investigated as potential hydrogen storage as well as thermal energy storage materials due to their abundance and availability as well as their extraordinary high gravimetric and volumetric storage densities. This review work provides a broad overview of the most appealing systems and of their hydrogenation/dehydrogenation properties. Special emphasis is placed on reviewing the efforts made by the scientific community in improving the material's thermodynamic and kinetic properties while maintaining a high hydrogen storage capacity.