Accretion of matter onto a compact object, such as a black hole, powers some of the most energetic sources in the universe, such as X-ray binaries, active galactic nuclei, and tidal disruption events. While classical accretion theory successfully explains many observed properties of luminous accreting sources, several long-standing problems remain unresolved, including the stability of bright disks, the mechanism producing outflows, variability in light curves, and spectral state transitions in black hole accreting systems.

Growing theoretical and numerical evidence suggests that dynamically important magnetic fields can be a key ingredient in addressing these issues. In this talk, I will present results from global relativistic magnetohydrodynamic simulations demonstrating how large-scale magnetic flux enables efficient extraction of black hole rotational energy in luminous accreting systems. These results indicate that the extracted energy does not contribute solely to the outward Poynting flux along the low-density polar regions, often associated with relativistic jets, but is instead partitioned between jets, winds, and the accretion flow itself. The fraction deposited into the disk leads to enhanced heating of the inner flow and a corresponding increase in radiative output.

I will discuss the broader implications of this redistribution of energy for understanding of X-ray corona formation, black hole spin measurements, and transient high-energy phenomena, emphasizing how strong magnetic fields reshape the dynamical and radiative coupling between accretion disks and jets.

I will briefly comment on the plausible origin of large-scale magnetic flux in accretion flows and conclude by outlining ongoing efforts toward constructing a unified global framework for magnetized accretion disks. Such a framework aims to address open questions concerning the formation of highly magnetized disks, variability, and the production of outflows across black hole accreting systems.