This contribution reviews an ab initio two-step procedure to determine exchange interactions, spin-wave spectra, and thermodynamic properties of itinerant magnets. In the first step, the self-consistent electronic structure of a system is calculated for a collinear spin structure at zero temperature. In the second step, parameters of an effective classical Heisenberg Hamiltonian are determined using the magnetic force theorem and the one-electron Green functions. The Heisenberg Hamiltonian and methods of statistical physics are employed in subsequent evaluation of magnon dispersion laws, spin-wave stiffness constants, and Curie/Néel temperatures. The applicability of the developed scheme is illustrated by selected properties of various systems such as transition and rare-earth metals, disordered alloys including diluted magnetic semiconductors, ultrathin films, and surfaces. A comparison of other ab initio approaches is presented as well.