Encapsulation of metal clusters within the fullerene cage has multiple structural and physical consequences for the properties of endohedral metallofullerenes (EMFs). In particular, when encapsulated metals are lanthanides, unusual magnetic properties can be achieved. Interaction of lanthanide ions with negatively-charged non-metals (nitride, carbide) create large magnetic anisotropy of the former, which facilitates single molecule magnetism in EMFs. At the same time, carbon cage protects the endohedral species from the environment allowing formation of rather exotic combinations of metal and non-metal ions. Exchange and dipolar interaction between endohedral lanthanides also dramatically affects the magnetism of EMFs. This contribution will present an overview of the recent developments in the single molecule magnetism of EMFs.