An Effective Field Theory (EFT) analysis of the magnetic moment of the muon is discussed. The expression for the dipole moment is given in terms of operator coefficients of the low-energy effective field theory (LEFT) and the Standard Model effective field theory (SMEFT), where one-loop renormalization group improved perturbation theory, the one-loop matching from SMEFT onto LEFT as well as one-loop lepton matrix elements of the effective-theory operators were taken into account. Interestingly only a very limited set of the SMEFT operators is able to explain the current deviation of the magnetic moment of the muon from its Standard Model expectation.