Abstract : Heusler compounds, X2YZ (where X, Y are transition metals and Z is a main-group element), are well known for their potential application in spintronics, especially in tunneling Magnetoresistance based devices. The presence of multiple magnetic sub-lattices in these materials provide a perfect platform for the design of anisotropic and acentric room- temperature magnets. We utilize this flexible magnetic configuration to design a compensated ferrimagnetic state by combining two different ferrimagnets. We show that this compensated Magnetic state is an ideal recipe to achieve an extremely large exchange bias [1, 2]. In addition these compensated magnetic materials are of large interest in spitronics, since, in Contrast to ferromagnets, they do not produce any unwanted dipole field . We also exploit the competing ferromagnetic and antiferromagnetic interactions within same crystal structure to realize a non-collinear magnetic state . These non-collinear magnets are suitable candidates for generating skyrmion, a vortex like object with a circular spin configuration . the skyrmions are excellent candidates for future spintronic devices as their motion can be accomplished in a small current density. In a very recent work (not published yet), we have khown the observation of skyrmions in a non-collinear Heusler magnet. In future, we plan to use this material in Racetrack based device for memory application .