Organic spintronics is an emerging research field that offers numerous fundamental physics and has shown potential in future spintronic applications. The spin-polarized hybridized interface formed at the ferromagnet (FM)/organic molecule (OM) interface is called the “spinterface.” It has been found that the spinterface helps to reduce the well-known impedance mismatch issue in spin valves, enhances spin-polarization of the effective FM electrode, and aligns the molecular levels for easy spin transport. High magnetoresistance (MR) of ∼ 400% has been observed at low temperatures (∼10 K) for OM-based spin valves. However, the MR value at room temperature for such OM-based spin valves is low (∼10%) due to the complex nature of the FM/OM interface. During the last decade, much attention has been devoted to understand the nature of FM/OM interface for tailoring spintronic device functionalities. In this context, the role of spinterface on the global magnetization reversal, magnetic domains, and magnetic anisotropy in FM/OM systems becomes very important. Furthermore, it is also essential to understand the impact of crystallinity and thickness of FM on the induced moment in the non-magnetic OM in such heterostructures. Here, in this brief review, we give our Perspective on the progress and future challenges of the role of spinterface on various magnetic properties in FM/OM systems. Furthermore, we also discuss the recent observation of spin pumping in FM/OM systems where the OMs exhibit reasonable spin–orbit coupling. This shows the potential of OMs for spin–orbit torque-based physics and applications.