When a spell is countered, it is removed from the stack and put into its owner's graveyard. This is the default rule covered in CR 701.5a: 'To counter a spell or ability means to cancel it so that it doesn't resolve and then put it into its owner's graveyard.'
This means the spell never resolves — its effect doesn't happen — but it does still end up in the graveyard as a normal card. From there, cards like Snapcaster Mage or Regrowth could potentially retrieve it later.
However, some specific cards override this default destination. For example, Leyline of the Void or spells that 'exile instead of countering' (like Extirpate effects or Hinder) can send a countered spell somewhere other than the graveyard. The card doing the countering or a replacement effect will explicitly state when this happens.
Concrete example: Your opponent casts Lightning Bolt. You cast Cancel to counter it. The Lightning Bolt is removed from the stack, deals no damage, and is placed into your opponent's graveyard — where it sits as a regular card until something interacts with it.
So the key takeaway: countered spells go to the graveyard by default (CR 701.5a), but replacement effects or specific card wording can redirect them to exile or elsewhere (CR 614.1).
Unofficial fan resource — not affiliated with or endorsed by Wizards of the Coast. Answers are AI-generated estimates grounded in the Comprehensive Rules and are not a substitute for an official judge. Verify anything match-critical.