Motivated by experimental and theoretical interest in realizing multipolar orders in d-orbital materials, we discuss the quantum magnetism of J = 2 ions on the face-centered cubic lattice which can be realized in spin-orbit coupled oxides with 5d 2 transition metal ions. Based on the crystal field environment, we argue for a splitting of the J = 2 multiplet, leading to a low lying non-Kramers doublet which hosts quadrupolar and octupolar moments. We discuss a microscopic mechanism whereby the combined perturbative effects of orbital repulsion and antiferromagnetic Heisenberg spin interactions leads to ferro-octupolar coupling between neighboring sites, and stabilizes ferrooctupolar order. This same mechanism is also shown to disfavor quadrupolar ordering. We study spin dynamics in the ferro-octupolar state using a slave-boson approach, uncovering a gapped and dispersive magnetic exciton. For sufficiently strong magnetic exchange, the dispersive exciton can condense, leading to conventional type-I antiferromagnetic order which can preempt octupolar order. Our proposal for ferrooctupolar order, with specific results in the context of a model Hamiltonian, provides a comprehensive understanding of thermodynamics, µSR, X-ray diffraction, and inelastic neutron scattering measurements on a range of cubic 5d 2 double perovskite materials including Ba2ZnOsO6, Ba2CaOsO6, and Ba2MgOsO6. Our proposal for exciton condensation leading to type-I magnetic ordering is argued to be relevant to materials such as Sr2MgOsO6.PACS numbers: 75.25.aj, 75.40.Gb, 75.70.Tj Multipolar symmetry-breaking orders have been extensively discussed in f -orbital based lanthanide and actinide compounds, which host ions where spin-orbit coupling (SOC) is a dominant energy scale [1]. For instance, the "hidden order" state of URu 2 Si 2 has been proposed to host hexadecapolar symmetry breaking [2]. Another well-known example is cubic NpO 2 [3-6], where a large body of experiments have been reconciled in terms of a primary antiferro-triakontadipolar (rank-5 magnetic multipolar) symmetry breaking which drives secondary antiferro-quadrupolar order. In certain pyrochlore magnets, all-in all-out magnetic order has been proposed to lead to "effective octupoles" on tetrahedra [7]. Ongoing experimental [8-10] and theoretical investigations [11][12][13][14] of PrTi 2 Al 20 and PrV 2 Al 20 have also uncovered quadrupolar and ferro-octupolar orders.Recently, unconventional multipolar orders have also been proposed in d-orbital metals to occur as Pomeranchuk instabilities of spin-orbit coupled Fermi surfaces [15]. Specifically, metallic oxides which have d-orbital ions with large SOC, such as LiOsO 3 and Cd 2 Re 2 O 7 , have been proposed as potential candidates to realize this physics [15]. Experiments have indeed discovered an oddparity nematic metal in Cd 2 Re 2 O 7 below T c ∼ 200 K via optical second-harmonic generation [16]. Other proposed materials for hosting multipolar orders include A 2 OsO 4 (with A = K,Rb,Cs) [17].However, to the best of our knowledg...