Altermagnets represent a novel state of matter with zero net magnetisation. In this respect, altermagnets resemble to antiferromagnetic order, however, their electronic band structure lacks Kramers degeneracy and depend on the interplay of wavevector and spin. The thesis focuses on understanding the effect of strong correlations on altermagnets as well as inducing altermagnetic order due to interactions. Various models in two and three dimensions will be investigated, including the Hubbard model, using the mean-field theory as well as possible exactly solvable models.  Several experimentally relevant fingerprints of altermagnetism will be evaluated, such as spin and charge correlation functions as well as the entanglement entropy between spin and charge degrees of freedom. The effect of topology will also be investigated.