Organic spintronics is an emerging and potential platform for future electronic devices. Significant progress has been made in understanding the spin injection, manipulation, and detection in organic spin valves in the past decade plus since its discovery. Studies have also been advanced to a range of materials combination of organic semiconductors and ferromagnetic electrodes for improving their performance especially at high temperatures. In addition, there are several remarkable studies on development of the spin valves as a multifunctional device. However, the research in this field is still in its infancy and there is a need to resolve many issues which keep this field far away from applications. In this report, we review major advances in organic spin valves such as understanding the underlying physics in spin injection and transport, high temperature operations, and functionality. We also highlight some of the outstanding challenges in this promising research field. Finally, we suggest an outlook on the future of organic spintronics.