Raman scattering provides significant information on the nature of the magnetic excitations of diluted magnetic semiconductors (DMS). Transitions involving an exchange of a quantum of angular momentum between the system and the radiation field result in Raman lines with shifts equal to the energy of the magnetic excitations in which the total spin of the crystal changes by ħ. Such transitions have a one-to-one correspondence with those seen in magnetic resonance but observed in the optical rather than in the microwave region of the electromagnetic spectrum. In the Mn-based II-VI DMS a variety of magnetic excitations have been observed in their Raman spectra. Microscopic models underlying these phenomena provide powerful insights into the nature of the magnetism of DMS.