Magnetostriction is a property exhibited by numerous metallic materials. It refers to the relationship between specific mechanical characteristics of these materials and their internal magnetization. In particular, changing internal magnetization of magnetostrictive elements (due, for instance, to exposure to ambient magnetic fields) results in modification of their dimensions and vice-versa. Among others, this thoroughly documented magneteto-mechanical (or magnetoelastic) coupling of magnetostrictive materials has been exploited in the design of applications for non-contact detection and measurement of quantities (for instance, temperature, hazardous chemical substances and so on), or for energy harvesting from vibrational motion. Relevant characteristic patents and research papers proposing applications based on the magnetoelastic principle are presented and commented upon in the current study. The central part in all applications examined is the structure (referred to as platform) involving the elements of magnetostrictive material. Hence, the applications are distinguished in groups and reviewed according to their platform’s structural and functional parameters, namely its mechanical attributes, texture/size and so on. The aim is to designate solutions with similar platform characteristics, which perform well in a variety of different applications (medical, chemical, electrical and so on). Identifying these globally best practices and solutions should provide the reader with useful ideas for the design and development of devices operating on the magnetoelastic principle.