Ultrathin van der Waals materials and their heterostructures offer a simple, yet powerful platform for discovering emergent phenomena and implementing device structures in the two-dimensional limit. The past few years has pushed this frontier to include magnetism. These advances have brought forth a new assortment of layered materials that intrinsically possess a wide variety of magnetic properties and are instrumental in integrating exchange and spin-orbit interactions into van der Waals heterostructures. This Review Article summarizes recent progress in exploring the intrinsic magnetism of atomically thin van der Waals materials, manipulation of their magnetism by tuning the interlayer coupling, and device structures for spin- and valleytronic applications. This Review summarizes recent progress in exploring the intrinsic magnetism of atomically thin van der Waals materials, manipulation of their magnetism by tuning the interlayer coupling, and device structures for spin- and valleytronic applications.