The 11 year solar magnetic cycle is driven by a hydromagnetic dynamo. However, the exact nature of this dynamo mechanism is still not fully understood, and there are several scenarios proposed to explain the observed behaviour. Here I will briefly overview observations of the solar magnetic field before moving on to discuss why magnetic buoyancy is a key ingredient in the models proposed to explain the observations of the large-scale magnetic field. I will go on to discuss the recent progress in our understanding of magnetic buoyancy with emphasis on double-diffusive magnetic buoyancy.