Deformation of the surface of diamagnetic liquid by magnetic field is called the “Moses Effect”. Physics and applications of the direct and inverse Moses effects are reviewed. Experimental techniques enabling visualization of the effects are surveyed. Impact of magnetic field on micro- and macroscopic properties of liquids is addressed. Influence of the surface tension on the shape of the near-surface dip formed in a diamagnetic liquid by magnetic field is reported. Floating of diamagnetic bodies driven by the Moses effect is treated. The effect of the “magnetic memory of water” in its relation to the Moses Effect is discussed. The dynamics of self-healing of near-surface dips due to the Moses Effect is considered.