Two-dimensional (2D) magnetic crystals show many fascinating physical properties and have potential device applications in many fields. In this paper, the preparation, physical properties and device applications of 2D magnetic atomic crystals are reviewed. First, three preparation methods are presented, including chemical vapor deposition (CVD) molecular beam epitaxy (MBE) and single-crystal exfoliation. Second, physical properties of 2D magnetic atomic crystals, including ferromagnetism, antiferromagnetism, magnetic regulation and anomalous Hall effect are presented. Third, the application of 2D magnetic atomic crystals in heterojunctions reluctance and other aspects are briefly introduced. Finally, the future development direction and possible challenges of 2D magnetic atomic crystals are briefly addressed.