The rapidly emerging field of 2D magnetic materials has garnered significant attention due to its fascinating physical properties and wide‐ranging potential applications. This review highlights the importance of magneto‐optical interactions as a crucial tool for both studying and modulating 2D magnets. It offers a comprehensive survey of current research concerning magneto‐optical interactions in 2D magnetic materials, encompassing the magneto‐optical Kerr effect, reflection magnetic circular dichroism, second‐harmonic generation, photoluminescence, inelastic light scattering, and time‐resolved spectroscopy. This review discusses how these techniques provide insights into the properties of 2D magnets, enabling exploration of magnetic phase transitions, lattice alterations, spin dynamics, as well as their responses to external fields. Moreover, it emphasizes the modulation of magnetic properties by photo‐stimulation and offers a brief outlook on this swiftly developing field.