This Biomiic resumes the state of the art and the main aims of the European project MOLSpin COST ACTION, in which the Institute of Molecular Science – Valencia University is implied. Molecular Spintronics is a new field of research that combines the ideas and concepts developed in spintronics with the possibilities offered by molecules to perform electronic functions, to form self-organized nanostructures and to exhibit quantum effects. Its ultimate goal is the creation of new spintronic devices using molecular materials, or in the longer term one or a few molecules in the race toward miniaturization. To reach this goal a coordinated effort of the communities of Spintronics, Molecular Electronics and Molecular Magnetism is needed. These communities are developing a very competitive and high-quality work in their respective fields. Molecular Spintronics is so new that a initiative to encourage networking of researchers in this field is of paramount importance. the present COST ACTION intends to fill gap integrating these communities around a common Action that should serve to consolidate the world-leadership of Europe in this field.