The magnetic ordering in transition metals is strongly affected by any strain in the lattice, due to the close connection between strain and anisotropy. This article reviews recent developments, both experimental and theoretical, in the field of strain-induced magnetic anisotropies, with focus on films and multilayers based on Fe and Co. It is demonstrated that the reorientation of preferred magnetization directions can be controlled through both the growth direction and the strain state, which is caused by interleaving with suitable spacers, as well as by tuning the chemical composition if the magnetic material is an alloy. Both inplane and out-of-plane easy directions can be forced upon the films and superlattices in this manner. Some methods for local structural manipulation are also reviewed.