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• Manuscript include advancement in two and three terminal spintronic devices. • Review included artificial neurons based spintronic devices for artificial intelligence. • Yearly development in spintronic technology has been illustrate by flow chart. • The parametric comparisons of MRAM and logic circuit has been included. • Include features of cutting-edge quantum & magnetic tunnel junction. The scaling of metal oxide semiconductor field effect transistors (MOSFETs) for data storing and logic circuit operation has reached a critical point, beyond which further scaling poses various secondary issues. These problems include short channel effects, hot carrier effects (HCEs), and reliability concerns. However, a promising alternative called spintronics has recently emerged as a highly exciting technology. Spintronics considers both the charge and spin of electrons in device operations and offers superior properties compared to MOSFETs. Researchers have reported numerous spintronics devices that exhibit significant potential in memory and logic circuits when integrated with complementary metal oxide semiconductor (CMOS) technology. These devices not only possess excellent scalability but also consume less power than MOSFETs at the nano-scale level. This article aims to provide a comprehensive review of the current state, future prospects, and challenges associated with spintronics devices. [ABSTRACT FROM AUTHOR]