Hiking is a national sport in Switzerland and they have a nationwide system of well marked and rated trails.  The hiking in the Murren-Grindelwald area is as good as it gets. 

     There are hundreds of options for day hikes in the Jungfrau area (and also short 1-2 hour hikes and multi-day village-to-village hikes).  Here is one we really liked: the Murren- Schiltalp- Wassenegg- Rotstockhutte- Spielbodenalp- Murren loop [***] which can be done in one day and offers exceptional scenery and varying views of the big-3, the Eiger, the Monch, and the Jungfrau.  Many of the pictures below were taken from this route. 

     Directions:  From Murren take the trail uphill to Suppenalp and then on to Schiltalp where you can get refreshments and local cheese.  After a Schiltalp rest take the trail to Rotstockhutte, which first takes you up a moderately difficult climb (the most work you'll do on this hike) to the Wassenegg ridge.  The scenery was not bad up to the ridge but from this point on it get especially spectacular.  There is one view after another of the mountains (Monch, etc), green meadows, streams, glaciers, and ravines.  Rostockhutte [**] has one building, which is also a mountain restaurant [*, $$].  Stop there for more refreshments from a menu that includes a house special pastry, beer, and sandwiches.  Splurge and enjoy on this stop because you've earned it and there is still a lot of walking to get back!

     After Rostockhutte you backtrack about 1 km and then veer off to the right for the round-about return to Murren.  Take time along the next 2 km to enjoy spectacular mountain-ravine views.  Continue to Spielbodenalp and Gimmela, and downhill back to Murren.

Pictures along the trails.  Click to enlarge.

The dog is the lookout for the mountain restaurant at Schiltalp.  The bells are a traditional ornamentation and show-off on Swiss  mountain homes. 

Hikers pausing at a lookout on the Wassenegg ridge, on the trail to Rotstockhutte [**].   The rest of the photos are from other portions of the Rotstockhutte hike and various other trails  in the region such as the Bachalpsee lake to Waldspitz path (near Grindelwald).