The origin and significance of topological excitations in quantum spin models in low dimensions are presented in detail. Besides a general review, our own work in this area is described in great depth. Apart from theoretical analysis of the existence and properties of spin vortices and antivortices, the possible experimental consequences and signatures are also highlighted. In particular, the distinguishing features between the even and odd charged topological excitations are brought out through a detailed analysis of the topological term in the quantum action. Moreover, an interesting symmetry property is predicted between the excitations from a ferromagnetic model and an antiferromagnetic model. Through a novel approach of ours, a bridge is established between field theoretical formalism and the well-known statistical mechanical treatment of Berezinskii-Kosterlitz-Thouless (BKT) transition involving these topological excitations. Furthermore, a detailed phenomenological analysis of the experimentally observed static and dynamic magnetic properties of the layered magnetic materials, possessing XY anisotropy in the in-plane spin-spin couplings, is undertaken to test the theoretical predictions regarding the behaviour of these excitations. The importance and the crucial role of quantum spin fluctuations in these studies are also brought out very clearly by our analysis.