Spintronic devices use spin instead of charge to process information and are widely considered as promising candidates for next-generation electronic devices. In past decades, the main motivation in spintronics has been to discover new mechanisms and novel material systems to improve both device performance and the application prospects of spintronics. Recently, researchers have found that ferrimagnetic materials—in which sublattices are coupled antiferromagnetically—offer an emerging platform for realizing high-density, high-speed, and low-power-consumption memory and logic functions. Within such a ferrimagnetic class, vanishing magnetization and ultrafast magnetic dynamics can be achieved by adjusting chemical composition and temperature, among other parameters. Meanwhile, unlike for antiferromagnets, conventional electrical read–write methods remain suitable for ferrimagnets, which is beneficial for applications. In this review, an abundant class of ferrimagnets including oxides and alloys is surveyed, and unique magnetic dynamics and effective methods for manipulating the magnetic states of ferrimagnets are discussed. Finally, novel storage and computing devices based on ferrimagnets are considered, as there are some challenges to be addressed in future applications of ferrimagnets.