Fermionic alkaline-earth atoms have unique properties that make them attractive candidates for the realization of novel atomic clocks and degenerate quantum gases. At the same time, they are attracting considerable theoretical attention in the context of quantum information processing. Here we demonstrate that when such atoms are loaded in optical lattices, they can be used as quantum simulators of unique many-body phenomena. In particular, we show that the decoupling of the nuclear spin from the electronic angular momentum can be used to implement many-body systems with an unprecedented degree of symmetry, characterized by the SU(N) group with N as large as 10. Moreover, the interplay of the nuclear spin with the electronic degree of freedom provided by a stable optically excited state allows for the study of spin-orbital physics. Such systems may provide valuable insights into strongly correlated physics of transition metal oxides, heavy fermion materials, and spin liquid phases.The interest in fermionic alkaline-earth atoms [1, 2, 3, 4, 5, 6, 7, 8] stems from their two key features: (1) the presence of a metastable excited state 3 P 0 coupled to the ground 1 S 0 state via an ultranarrow doubly-forbidden transition [1] and (2) the almost perfect decoupling [1] of the nuclear spin I from the electronic angular momentum J in these two states, since they both have J = 0. This decoupling implies that s-wave scattering lengths involving states 1 S 0 and 3 P 0 are independent of the nuclear spin, aside from the restrictions imposed by fermionic antisymmetry. We show that the resulting SU(N) spin symmetry (where N = 2I + 1 can be as large as 10) together with the possibility of combining (nuclear) spin physics with (electronic) orbital physics open up a wide field of extremely rich many-body systems with alkaline-earth atoms.In what follows, we derive the two-orbital SU(N)-symmetric Hubbard model describing alkaline-earth atoms in 1 S 0 and 3 P 0 states trapped in an optical lattice. We focus on specific parameter regimes characterized by full or partial atom localization due to strong atomic interactions, where simpler effective spin Hamiltonians can be derived. The interplay between orbital and spin degrees of freedom in such effective models is a central topic in quantum magnetism and has attracted tremendous interest in the condensed matter community. Alkaline earth atoms thus provide, on the one hand, a unique opportunity for the implementation of some of these models for the first time in a defect-free and fully controllable environment. On the other hand, they open a new arena to study a wide range of models, many of which have not been discussed previously, even theoretically. We demonstrate, in particular, how to implement the KugelKhomskii model studied in the context of transition metal oxides [9, 10,11,12,13], the Kondo lattice model [14,15,16,17,18,19,20,21,22,23,24,25,26] [27,28,29,30,31,32,33,34]. For example, we discuss how, by appropriately choosing the initial state, a single alkaline-earth atom s...