Single-molecule magnets (SMMs) have attracted much attention due to their potential applications in molecular spintronic devices. Rare earth SMMs are considered to be the most promising for application owing to their large magnetic moment and strong magnetic anisotropy. In this review, the recent progress in rare earth SMMs represented by mononuclear and dinuclear complexes is highlighted, especially for the modulation of magnetic anisotropy, effective energy barrier (Ueff) and blocking temperature (TB). The terbium- and dysprosium-based SMMs have a Ueffof 1541 cm−1and an increased TBof 80 K. They break the boiling point temperature of liquid nitrogen. The development of the preparation technology of rare earth element SMMs is also summarized in an overview. This review has important implications and insights for the design and research of Ln-SMMs.