In spintronics, there has been increasing interest in two-dimensional (2D) magnetic materials. The well-defined layered crystalline structure, interface conditions, and van der Waals stacking of these materials offer advantages for the development of high-performance spintronic devices. Spin–orbit torque (SOT) devices and the tunneling magnetoresistance (TMR) effect based on these materials have emerged as prominent research areas. SOT devices utilizing 2D magnetic materials can efficiently achieve SOT-driven magnetization switching by modulating the interaction between spin and orbital degrees of freedom. Notably, crystal structure symmetry breaking in 2D magnetic heterojunctions leads to field-free perpendicular magnetization switching and an extremely low SOT-driven magnetization switching current density of down to 106 A/cm2. This review provides a comprehensive overview of the construction, measurement, and mechanisms of 2D SOT heterojunctions. The TMR effect observed in 2D materials also exhibits significant potential for various applications. Specifically, the spin-filter effect in layered A-type antiferromagnets has led to giant TMR ratios approaching 19,000%. Here, we review the physical mechanisms underlying the TMR effect, along with the design of high-performance devices such as magnetic tunnel junctions (MTJ) and spin valves. This review summarizes different structural types of 2D heterojunctions and key factors that enhance TMR values. These advanced devices show promising prospects in fields such as magnetic storage. We highlight significant advancements in the integration of 2D materials in SOT, MTJ, and spin valve devices, which offer advantages such as high-density storage capability, low-power computing, and fast data transmission rates for Magnetic Random Access Memory and logic integrated circuits. These advancements are expected to revolutionize future developments in information technology.