The transverse thermoelectric effect refers to the conversion of a temperature gradient into a transverse charge current, or vice versa, which appears in a conductor under a magnetic field or in a magnetic material with spontaneous magnetization. Among such phenomena, the anomalous Nernst effect in magnetic materials has been receiving increasing attention from the viewpoints of fundamental physics and thermoelectric applications owing to the rapid development of spin caloritronics and topological materials science. In this research trend, a conceptually different transverse thermoelectric conversion phenomenon appearing in thermoelectric/magnetic hybrid materials has been demonstrated, enabling the generation of a large transverse thermopower. Here, we review the recent progress in fundamental and applied studies on the transverse thermoelectric generation using magnetic materials. We anticipate that this perspective will further stimulate research activities on the transverse thermoelectric generation and lead to the development of next-generation thermal energy harvesting and heat-flux sensing technologies.