In this paper, we first review fundamental aspects of magnetoresistance in multi-valley systems based on the semiclassical theory. Then we will review experimental evidence and theoretical understanding of magnetoresistance in an archetypal multi-valley system, where the electric conductivity is set by the sum of the contributions of different valleys. Bulk bismuth has three valleys with an extremely anisotropic effective mass. As a consequence, the magnetoconductivity in each valley is extremely sensitive to the orientation of the magnetic field. Therefore, a rotating magnetic field plays the role of a valley valve tuning the contribution of each valley to the total conductivity. In addition to this simple semi-classical effect, other phenomena arise in the high-field limit as a consequence of an intricate Landau spectrum. In the vicinity of the quantum limit, the orientation of magnetic field significantly affects the distribution of carriers in each valley, namely, the valley polarization is induced by the magnetic field. Moreover, experiment has found that well beyond the quantum limit, one or two valleys become totally empty. This is the only case in condensed-matter physics where a Fermi sea is completely dried up by a magnetic field without a metal-insulator transition. There have been two long-standing problems on bismuth near the quantum limit: the large anisotropic Zeeman splitting of holes, and the extra peaks in quantum oscillations, which cannot be assigned to any known Landau levels. These problems are solved by taking into account the interband effect due to the spin-orbit couplings for the former, and the contributions from the twinned crystal for the latter. Up to here, the whole spectrum can be interpreted within the one-particle theory. Finally, we will discuss transport and thermodynamic signatures of breaking of the valley symmetry in this system.
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