His most recent book, On Time and Water, published by Open Letter Books, is shortlisted for the Nordic Councils Literature Prize and currently being published in thirty languages. His documentary film, The Hero's Journey to the Third Pole—A Bipolar Musical Documentary with Elephants premieres in CPH:DOX at the end of April 2021. In 2010, Magnason was awarded the Kairos Prize, presented to outstanding individuals in the field of intercultural understanding. Magnason ran for president of Iceland in 2016 and finished third out of nine candidates.