The giant magnetoresistance effect in two-dimensional (2D) magnetic materials has sparked substantial interest in various fields; including sensing; data storage; electronics; and spintronics. Their unique 2D layered structures allow for the manifestation of distinctive physical properties and precise performance regulation under different conditions. In this review, we present an overview of this rapidly developing research area. Firstly, these 2D magnetic materials are catalogued according to magnetic coupling types. Then, several vital effects in 2D magnets are highlighted together with theoretical investigation, such as magnetic circular dichroism, magneto-optical Kerr effect, and anomalous Hall effect. After that, we forecast the potential applications of 2D magnetic materials for spintronic devices. Lastly, research advances in the attracting magnons, skyrmions and other spin textures in 2D magnets are discussed.