In this work the electronic structures, densities of states, chemical bonding, magnetic exchange Parameters and Curie temperatures of binary and ternary ferromagnetic alloys are analyzed. The electronic structure of ferromagnetic MnAl has been calculated using density-functional techniques (TB-LMTO-ASA, FPLAPW) and quantum chemically analyzed by means of the crystal orbital Hamilton population analysis. The crystal structure of the ferromagnetic tetragonal MnAl may be understood to originate from the structure of nonmagnetic cubic MnAl with a CsCl motif through a two-step process. While the nonmagnetic cubic structure is stable against a structural deformation, antibonding Mn--Mn interactions at the Fermi level lead to spin polarization and the onset of magnetism, i.e., a symmetry reduction taking place solely in the electronic degrees of freedom, by that emptying antibonding Mn-Mn states. Residual antibonding Al--Al states can only be removed by a subsequent, energetically smaller structural deformation towards the tetragonal system. As a final result, homonuclear bonding is strengthened and heteronuclear bonding is weakened. Corresponding DFT calculations of the electronic structure as well as the calculation of the chemical bonding and the magnetic exchange interactions have been performed on the basis of LDA and GGA for a series of ferromagnetic full Heusler alloys of general formula Co2MnZ (Z=Ga, Si, Ge, Sn), Rh2MnZ (Z=Ge, Sn, Pb), Ni2MnZ (Z=Ga, In, Sn),Pd2MnZ (Z=Sn, Sb) and Cu2MnZ (Z=Al, In, Sn). There is general agreement between experimental and theoretical moments by either the LDA or the GGA, and the amount of local exchange is characteristic for the atomic nature of the transition metal and Mn atoms. The connection between the electronic spectra and the magnetic interactions have been studied. Correlations between the chemical bondings in Heusler alloys derived from COHP analysis and magnetic phenomena are obvious, and different mechanisms leading to spin polarization and ferromagnetism are derived. Different mechanisms contributing to the exchange coupling are revealed. The band dependence of the exchange parameters, their dependence on volume and valence electron concentration have been thoroughly analyzed within the Green function technique. Finite temperature effects (Curie temperatures) are analysed using the mean-field description, and a surprisingly simple relationship between structural properties and the Curie temperature is found. The alloy variations of the Curie temperatures calculated are in good agreement with experimental data. The analysis demonstrates that the exchange parameter Jij dependence on the Z atom may be described within a rigid band approximation, having straightforward implications for the influence of the atomic volume of Z, thereby allowing semi-quantitative predictions. The magnetic exchange parameters and also Curie temperatures decrease along the row Cu, Ni, Rh, Pd, in agreement with the degree of d localisation for the transition metal. The X-Mn interactions are very important for systems with sizable magnetic moments on the transition metal (Co, Rh and Ni), making the magnetic short-range order effects stronger in these materials. The X-Mn interactions are limited by first neighbors while Mn-Mn interactions are quite long ranged. Non-spin-polarized COHP bonding analyses evidence antibonding metal-metal interactions as a prerequisite for becoming ferromagnetic, and these show up for the 3d-metal-Mn and also 4d-metal-Mn combinations but not for the wider Mn-Mn interactions. As an exception to this rule, the Cu2MnZ class of compounds evidences, on the opposite, large antibonding Mn-Mn interactions at the Fermi level; different mechanisms for spin polarization are obvious.