Low-energy excitation energies of a magnetic solid with localized spins are probed by magnetic susceptibility, neutron scattering and Raman scattering measurements, and are analyzed using a spin Hamiltonian with a set of spin exchange parameters. The nature and values of the spin exchange parameters deduced from this analysis depend on what spin exchange paths one includes in the spin Hamiltonian. In this article, we review how spin exchange interactions of magnetic solids with localized spins are described on formal, quantitative and qualitative theoretical levels, investigate antisymmetric and anisotropic interactions for general spin dimers, and discuss the spin exchange interactions and magnetic structures of various extended magnetic solids on the basis of spin dimer analysis. Strongly interacting spin exchange paths of a magnetic solid are determined by the overlap between its magnetic orbitals, so that the strongly interacting spin unit of a magnetic solid does not necessarily have the same geometrical feature as does the arrangement of its magnetic ions or spin-carrying molecules. Therefore, in interpreting results of magnetic susceptibility, inelastic neutron scattering or Raman scattering measurements, it is essential to employ a set of spin exchange parameters chosen on the basis of proper electronic structure considerations. Spin dimer analyses based on extended Huckel tight binding calculations provide a reliable and expedient means to study the relative strengths of superexchange and super-superexchange spin exchange interactions.