Lunar materials exhibit two distinct types of viscous or time-dependent magnetic behavior. Igneous rocks and largely recrystallized breccias, whose magnetic properties are due to multidomain iron, typically have weak magnetic viscosity, but decay persists for very long times following even a brief exposure to a field. Lunar soils and low metamorphic grade breccias, which contain an impor[ant fraction of metallic iron of singledomain and superparamagnetic size, generally acqtlire an anomalously strong viscous remanence, whose decay time is about equal to the 'time of exposure to the field. Four theories of magnetic viscosity are reviewed in this paper in an attempt to interpret the very different viscous properties of these two types of rocks. The Richter (1937) and N6el (1949) theories are appropriate to soils and low-grade breccias, whereas igneous and recrystal-liZed rocks are better described by the multidomain theories of N6el (1950) and Stacey (1963). Both the Stacey and N•el theories correctly predict logarithmic'magnetic viscosity, in spite of the fact that the central role played by the internal demagnetizing field in multidomain grains is ignored in N6el's formulation. This apparent paradox has been resolved. Analysis of the particularly simple Case of a two-domain particle shows that .the distribution of asymmetrical nonidentical potential barriers required by N•e! is automatically generated from the simpler distribution of symmetrical identical barriers proposed by Stacey through the action of the demagnetizing field. Experimental evidence on many facets of viscous magnetization, from terrestrial as well as lunar materials, is reviewed in detail before a final evaluation of the various theories is made. One interesting conclusion is tha.t the magnetic viscosity of multidomai n particles, although relatively weak, is still too strong to be explained by • displacements of entire domain walls. Either displacements .of small wall segments or rotation of pseudo-single-domain moments could account for the enhancement of magnetic viscosity in these particles.