It is well known to many of us that pristine graphene is a two dimensional zero-band gap material with Dirac states arising out of π interactions between the p-electrons. In addition, according to the conventional theories of magnetism, this s and p electron system is not expected to produce local spin moments. In fact, it is a diamagnetic material. However, to utilize graphene in spin based electronic devices, the first step is to induce unpaired spins in it through external means and the second step is to create long-range ordering of these spins. In this talk, with the aid of ab initio electronic structure calculations, we will discuss how transition metal dopants, intentional vacancies and intercalated elements can assist us in realizing a magnetic graphene. In the final leg of the talk, we will look at the challenges ahead in experimentally synthesizing magnetic graphene.