This chapter discusses the spin-transfer effect, which is described as the transfer of the spin angular momentum between the conduction electrons and the magnetization of the ferromagnet that occurs due to the conservation of the spin angular momentum. L. Berger, who introduced the concept in 1984, considered the exchange interaction between the conduction electron and the localized magnetic moment, and predicted that a magnetic domain wall can be moved by flowing the spin current. The spin-transfer effect was brought into the limelight by the progress in microfabrication techniques and the discovery of the giant magnetoresistance effect in magnetic multilayers. Berger, at the same time, separately studied the spin-transfer torque in a system similar to Slonczewski’s magnetic multilayered system and predicted spontaneous magnetization precession.