This thesis deals with the design, synthesis, structures and modeling of spin-Hamiltonian parameters (such as J, D and g–tensors) in manganese complexes and mixed transition metal-lanthanide (3d-4f) based complexes using both experimental and computational tools. Certain mononuclear/polynuclear complexes are capable of retaining their magnetization even in the absence of magnetic field which gives rise to magnetic hysteresis at a molecular level and an ability to act as magnets below their blocking temperature (TB) and these molecules are termed Single Molecule Magnets (SMMs). I have synthesized, characterized and theoretically studied ranges of {Mn2} dinuclear, {Mn7} and {Mn4} polynuclear complexes, also the 3d-4f species such as MnIII-LnIII, CoIII-LnIII (Ln= Nd, Pr, Sm, Gd, Tb, Dy, Ho, Er and Yb) complexes and provided several clues to enhance the SMM behavior.