The Magic Council is the ruling body of the world of Magic. The Council oversees guilds and keeps them in check, and they are responsible for the events caused by Mages. For this reason, they do not hold the Fairy Tail Guild, mainly Natsu Dragneel, in high regard due to their idiocy and property damaging tactics. Due to the events of the Tower of Heaven arc, where two members were revealed to as traitors, several Council members have left. They have since been replaced as of the Oración Seis arc. The Council has nine members at a time, along with a chairman that makes the final decisions.
Sadly, since their humiliating defeat to Jellal and Ultear, the Magic Council disbanded until a personal request by the King of Fiore to be reformed. The new Magic Council is stricter than the old one and very single-minded and perhaps heavy handed in it's goal to remove all of the Dark Guilds.
Its members are strong wizards (aside from the 10 Wizard Saints) and the rune knights are their army.