Topology plays a crucial and multifaceted role in solid state physics, leading to a remarkable array of newly investigated materials and phenomena. In this Perspective, we provide a brief summary of well-established model materials with a particular focus on compensated magnets and highlight key phenomena that emerge due to the influence of topology in these systems. The overview covers various magneto-transport phenomena, with a particular focus on the extensively investigated anomalous magneto-transport effects. Furthermore, we look into the significance of topology in understanding elementary magnetic excitations, namely magnons, where the role of topology gained considerable attention from both theoretical and experimental perspectives. Since electrons and magnons carry energy, we explore the implications of topology in combined heat and spin transport experiments in compensated magnetic systems. At the end of each section, we highlight intriguing unanswered questions in this research direction. To finally conclude, we offer our perspective on what could be the next advancements regarding the interaction between compensated magnetism and topology.