The recent discovery of two-dimensional (2D) van der Waals (vdW) magnetic materials has provided new, unprecedented opportunities for both fundamental science and technological applications. Unlike three-dimensional (3D) magnetic systems, the electric manipulation of vdW magnetism (e.g., magnetization state, magnetic anisotropy, magnetic ordering temperature) down to the monolayer limit at ambient conditions enables high efficiency operation and low energy consumption, which has the potential to revolutionize the fields of spintronics, spin-caloritronics, and valleytronics. This article provides an in-depth analysis of the recent progress, emerging opportunities, and technical challenges in the electric manipulation of magnetic functionalities of a wide variety of 2D vdW magnetic systems ranging from metals to semiconductors and heterostructures. The state-of-the-art understanding of the mechanisms behind the electric modulation of magnetism in these 2D vdW magnetic systems will drive future research towards novel applications in spintronics, spin-caloritronics, valleytronics, and quantum computation.