The Earth's magnetic field shields our habitat against potentially harmful charged particles from outer space. Moreover, it is an important source of information about Earth's deep interior and geological history, both inaccessible to direct observations. Geomagnetism, the study of all aspects of the Earth's magneticfield, formed as a field of natural sciences in the early nineteenth century, largely under the influence of two prominent polymaths, Alexander von Humboldt and Carl Friedrich Gauss. On the occasion of the AGU 2019 centennial and Alexander von Humboldt's 250th anniversary, we link Humboldt's activities in geomagnetism with modern research in this domain and its challenges. Based on magnetic field observations during his scientific journeys, Alexander von Humboldt determined the increase of magnetic intensity with distance from the equator. He initiated coordinated observations across the globe and thus laid the foundation for international data exchange and collaboration. Observation is a prerequisite to a better understanding of the Earth's magnetic field with its various sources from the Earth's core, lithosphere, and electrical current systems outside the Earth, with a multitude of applications from navigation, exploration, natural hazard assessment, and study of Earth's evolution. A full understanding of the physical processes underlying the various geomagnetic field sources is mandatory to tackle the challenge of forecasting the future geomagnetic field evolution and to take advantage of the information that the geomagnetic field can provide about the Earth's history, geological and tectonic conditions and processes, and the near‐Earth's space environment.