Many proteins coordinate one or more metal ions. In some cases these ions are paramagnetic. The presence of a paramagnetic metal ion within a protein notably affects its NMR spectra, so the spectra need to be analyzed taking into account the effects due to the paramagnetic ion, which in turn depend on its nature. Most importantly, the perturbations induced on the chemical shifts and relaxation rates of nuclear spins by the paramagnetic metal yield structural and dynamic information. For this reason, in the last decade paramagnetic tags to be attached to diamagnetic proteins have been developed to take advantage of the information contained in the paramagnetism‐based restraints. This makes paramagnetism‐assisted NMR a tool that is receiving increasing interest. The basic theory to understand the effects of the interaction between nuclei and unpaired electrons on the NMR observables is presented here, as is the way to obtain the paramagnetism‐based restraints from the collected NMR spectra. Each class of restraints has a specific information content, and thus provides different structural relationships between the positions of the protein nuclei and the metal ion and/or a tensor depending on the latter. In the case of motions or conformational heterogeneity, average values are obtained depending on the different conformations actually sampled by the system. Protocols are discussed to extract structural information from the paramagnetism‐based restraints, study protein–protein interactions, and analyze the conformational freedom. Readers are also advised that paramagnetic ions of different types make different classes of restraints available, so caution should be used when selecting the paramagnetic ion to be employed. An incorrect choice may actually only cause the disappearance of the NMR peaks!