Over recent decades, much effort has been made to lengthen spin relaxation/decoherence times of single-molecule magnets and molecular qubits by following different chemical design rules such as maximizing the total spin value, controlling symmetry, enhancing the ligand field or inhibiting key vibrational modes. Simultaneously, electronic structure calculations have been employed to provide an understanding of the processes involved in the spin dynamics of molecular systems and served to refine or introduce new design rules. This review focuses on contemporary theoretical approaches focused on the calculation of spin relaxation/decoherence times, highlighting their main features and scope. Fundamental aspects of experimental techniques for the determination of key Single Molecule Magnet/Spin Qubit properties are also reviewed.