The sensory basis of magnetoreception in animals still remains a mystery. One hypothesis of magnetoreception is that photochemical radical pair reactions can transduce magnetic information in specialized photoreceptor cells, possibly involving the photoreceptor molecule cryptochrome. This hypothesis triggered a considerable amount of research in the past decade. Here, we present an updated picture of the radical-pair photoreceptor hypothesis. In our review, we will focus on insights that can assist biologists in their search for the elusive magnetoreceptors.