Latin American Boom in Magic Realism
You can't talk about Magic Realism without talking about the Latin American Boom. That's the explosion of Latin American literature that took place primarily between the 1960s and 1980s.
During this period, a very important group of Latin American writers emerged, including Gabriel García Márquez, Julio Cortázar, and Mario Vargas Llosa, all of whom incorporated Magic Realist elements into their work. A lot of these writers were experimental modernists who wanted to do things in literature that hadn't been done before. While they weren't all Magic Realists, there's a lot of overlap between Boom writers and Magic Realists.
Chew on This
Gabriel García Márquez's One Hundred Years of Solitude is possibly the most important book to come out of the Latin American Boom. Here's a quick summary of it.