Half-metallic ferromagnetic (HMF) materials show high spin polarization and are therefore interesting to researchers due to their possible applications in spintronic devices. In these materials, while one spin sub band has a finite density of states at the Fermi level, the other sub band has a gap. Because of their high Curie temperature (TC) and tunable electronic been reported in a few systems, which are also discussed in this review. Thus, this review presents a consolidated picture of the magnetic and spintronic properties of this important, but relatively new class of Heusler alloys. It is expected that this will stimulate further interest in these alloys, thereby paving the way for the identification of more HMF and SGS materials. As a result of this, it is expected that more efficient spintronic devices using these alloys would emerge in the near future.