This work motivates extensions of the classical magnetization dynamics and magnetic ground-state model on fs-time and nm-length scales. More precisely, atomistic theories of magnetism were further developed that account, on the one hand, for the non-stochastic character of various microscopic degrees of freedom and, on the other hand, for non-local effects in the magnetization dynamics. Based on advanced first-principle calculations, the exchange and anisotropy in magnetic systems as well as the coupling between the spin, electron and crystal reservoirs were determined and discussed for bulk Fe, Co, Ni, and surfaces, like one monolayer Fe on Pt(111). Furthermore, the atomistic Landau-Lifshitz-Gilbert equation was applied to study the space- and time-retardation effects in nanostructures. The latter was revealed as a nutation in magnetic materials, whereas the spatial reciprocity related to a non-local anisotropic damping was identified as the origin for strong damping of spin waves.