The observed magnetic anisotropy in an object can happen for several different reasons. Rather than having a single cause, the overall magnetic anisotropy of a given object is often explained by a combination of these different factors:
; Magnetocrystalline anisotropy: The atomic structure of a crystal introduces preferential directions for the magnetization.
; Shape anisotropy: When a particle is not perfectly spherical, the demagnetizing field will not be equal for all directions, creating one or more easy axes.
; Magnetoelastic anisotropy: Tension may alter magnetic behaviour, leading to magnetic anisotropy.
; Exchange anisotropy: Occurs when antiferromagnetic and ferromagnetic materials interact.