The cavity magnetron is the most compact, efficient source of high-power microwave (HPM) radiation. The imprint that the magnetron has had on the world is comparable to the invention of the nuclear bomb. High- and low-power magnetrons are used in many applications, such as radar systems, plasma generation for semiconductor processing, and—the most common—microwave ovens for personal and industrial use. Since the invention of the magnetron in 1921 by Hull, scientists and engineers have improved and optimized magnetron technology by altering the geometry, materials, and operating conditions, as well as by identifying applications. A major step in advancing magnetrons was the relativistic magnetron introduced by Bekefi and Orzechowski at MIT (USA, 1976), followed by the invention of the relativistic magnetron with diffraction output (MDO) by Kovalev and Fuks at the Institute of Applied Physics (Soviet Union, 1977). The performance of relativistic magnetrons did not advance significantly thereafter until researchers at the University of Michigan and University of New Mexico (UNM) independently introduced new priming techniques and new cathode topologies in the 2000s, and researchers in Japan identified a flaw in the original Soviet MDO design. Recently, the efficiency of the MDO has reached 92% with the introduction of a virtual cathode and magnetic mirror, proposed by Fuks and Schamiloglu at UNM (2018). This article presents a historical review of the progression of the magnetron from a device intended to operate as a high-voltage switch controlled by the magnetic field that Hull published in 1921, to the most compact and efficient HPM source in the twenty-first century.