Spintronic phenomena in magnetic tunnel junctions and thin films are very promising from both fundamental and application points of view. They are based on exploring spin of electron in addition to its charge and include interlayer exchange coupling (IEC), perpendicular magnetic anisotropy (PMA), giant (GMR) and tunnel magnetoresistance (TMR), Spin Transfer Torque (STT), Spin Hall Effect (SHE) and even inducing magnetism in non d elements including graphene. This thesis includes first-principles studies of spintronic phenomena which have been of high interest recently. First part is devoted to interlayer exchange coupling across insulating materials including MgO, SrTiO3, GaAs and ZnSe. The second part includes ab initio studies of perpendicular magnetic anisotropy at Fe|MgO interfaces and MTJs including the mechanism and its correlation to the Bloch state symmetry based spin filtering. In third part investigations of magnetic anisotropy and work function in Co|graphene interfaces will be presented. Next, it will be shown possibility of inducing and optimizing intrinsic magnetism in graphene nanomeshes. Final part will be devoted to inducing spin polarization and tuning Dirac point and magnetic order in graphene by means of magnetic substrate proximity effects.