Many high-performance materials and novel devices consist of multiple components and are naturally or intentionally nanostructured for optimal properties and performance. To understand their structure-property relationships fully, quantitative compositional analysis at length scales below 100 nm is required, a need that is often uniquely addressed using soft X-ray microscopy. Similarly, the interaction of X-rays with magnetic materials provides unique element-specific contrast that allows the determination of magnetic properties in multi-element antiferromagnetic and ferromagnetic materials. Pump-probe-type experiments can even investigate magnetic domain dynamics. Here we review and exemplify the ability of soft X-ray microscopy to provide information that is otherwise inaccessible, and discuss a perspective on future developments.