The north and south pole trade places every 200,000 to 300,000 years.
Scientists understand that Earth's magnetic field has flipped its polarity many times over the millennia. In other words, if you were alive about 800,000 years ago, and facing what we call north with a magnetic compass in your hand, the needle would point to 'south.' This is because a magnetic compass is calibrated based on Earth's poles.
The N-S markings of a compass would be 180 degrees wrong if the polarity of today's magnetic field were reversed. Many doomsday theorists have tried to take this natural geological occurrence and suggest it could lead to Earth's destruction. But would there be any dramatic effects? The answer, from the geologic and fossil records we have from hundreds of past magnetic polarity reversals, seems to be 'no.'
Reversals are the rule, not the exception. Earth has settled in the last 20 million years into a pattern of a pole reversal about every 200,000 to 300,000 years, although it has been more than twice that long since the last reversal. A reversal happens over hundreds or thousands of years, and it is not exactly a clean backflip.
Magnetic fields morph and push and pull at one another, with multiple poles emerging at odd latitudes throughout the process. Scientists estimate reversals have happened at least hundreds of times over the past three billion years. And while reversals have happened more frequently in "recent" years, when dinosaurs walked Earth a reversal was more likely to happen only about every one million years.
Sediment cores taken from deep ocean floors can tell scientists about magnetic polarity shifts, providing a direct link between magnetic field activity and the fossil record. The Earth's magnetic field determines the magnetization of lava as it is laid down on the ocean floor on either side of the Mid-Atlantic Rift where the North American and European continental plates are spreading apart. As the lava solidifies, it creates a record of the orientation of past magnetic fields much like a tape recorder records sound.
The last time that Earth's poles flipped in a major reversal was about 780,000 years ago, in what scientists call the Brunhes-Matuyama reversal. The fossil record shows no drastic changes in plant or animal life. Deep ocean sediment cores from this period also indicate no changes in glacial activity, based on the number of oxygen isotopes in the cores. This is also proof that a polarity reversal would not affect the rotation axis of Earth, as the planet's rotation axis tilt has a significant effect on climate and glaciation and any change would be evident in the glacial record.