The Bose–Einstein condensate (BEC) is a fascinating state of matter predicted to occur for particles obeying Bose statistics. Although the BEC has been observed with bosonic atoms in liquid helium and cold gases, the concept is much more general. We here review analogous states, where excitations in magnetic insulators form the BEC. In antiferromagnets, elementary excitations are magnons, quasiparticles with integer spin and Bose statistics. In certain experiments their density can be controlled by an applied magnetic field leading to the formation of a BEC. Furthermore, interactions between the excitations and the interplay with the crystalline lattice produce very rich physics compared with the canonical BEC. Studies of magnon condensation in a growing number of magnetic materials thus provide a unique window into an exciting world of quantum phase transitions and exotic quantum states, with striking parallels to phenomena studied in ultracold atomic gases in optical lattices.