Earth System Science stands as the future operating framework to monitor the pulse of the Earth, and to diagnose and address the challenges of global change. Magmatism and volcanism are primary processes connecting the solid Earth to the atmosphere, hydrosphere, and biosphere. In addition to regulating the Earth system, they are both an unavoidable source of hazards and a tremendous resource of energy and raw materials. Accessing magma is the necessary next step in the exploration of our planet. It will enable us to develop next-generation geothermal energy (magma energy), to transform volcano monitoring strategies, and perhaps even to alleviate volcanic activity. Recent exploratory geothermal drilling activities around the world have serendipitously encountered shallow magma bodies in the Earth. Following these remarkable magma drilling occurrences, the Krafla Magma Testbed (KMT) has been established in Iceland in order to create the first magma observatory – a world-class international in situ magma laboratory with access to the magma-rock-hydrothermal boundary through wells suitable for advanced studies and experiments. Here we review the importance of magma in the Earth system, present the multifaceted need for magma observatories and introduce the benefits of KMT as we enter a new generation of energy demands and resilience strategies.