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Faraday isolators are the inherent components of complex laser systems. The isolation degree is essentially determined by the effects that occur in its magneto-optical element, so the choice of material from which it is made is very important. The principal approaches to choosing a magneto-optical material for Faraday isolators are addressed. Characteristic features of materials for Faraday devices operating in laser radiation with high average and high peak power are considered. Some trends in magneto-optical ceramics and the advantages and shortcomings of a number of ceramic samples are analyzed. Using the proposed approaches and recommendations will allow to create devices with unique characteristics for any wavelength range for different practical applications.