Select By Material allows you to select objects based on the active material in the Material Editor. This command is unavailable unless the active sample slot contains a material used in the scene.
Choosing this command opens the Select Objects dialog, which works like Select From Scene. All objects that have the selected material applied to them are highlighted in the list.
Note: Hidden objects don't appear in this list, even if the material is applied to them. However, in the Material/Map Browser, you can choose Browse From: Scene, turn on By Object, and then browse from the scene. This lists all objects in the scene, hidden and unhidden, along with their assigned materials.