Shape-memory alloys are now widely used because they exhibit a large recoverable strain, which is caused by the conversion of variants in the martensite phase. The conversion of variants is usually promoted by the application of external stress. Recently, however, it was found that the conversion of variants can also be promoted by the application of a magnetic field to induce the martensitic state in ferromagnetic Ni2MnGa shape-memory alloys. Since then, the research in this field has focused considerable attention on applications for using the materials as actuators and sensors because their response to a magnetic field is much faster than their response to heating or cooling. Furthermore, the mechanism of the conversion of variants by the magnetic field has attracted academic interest from many researchers. In this article, we show giant magnetostrictive behavior in three ferromagnetic shape-memory alloys—Ni2MnGa, Fe-Pd, and Fe3Pt—and review the investigations performed so far by many researchers, including the present authors.