We review quantum phase transitions of spin systems in transverse magnetic fields taking the examples of some paradigmatic models, namely, the spin-1/2 Ising and XY models in a transverse field in one and higher spatial dimensions. Beginning with a brief overview of quantum phase transitions, we introduce the model Hamiltonians and discuss the equivalence between the quantum phase transition in such a model and the finite temperature phase transition in a higher dimensional classical model. We then provide exact solutions in one spatial dimension connecting them to conformal field theoretical studies when possible. We also discuss Kitaev models, and some other exactly solvable spin systems in this context. Studies of quantum phase transitions in the presence of quenched randomness and with frustrating interactions are presented in details. We discuss novel phenomena like Griffiths-McCoy singularities associated with quantum phase transitions of lowdimensional transverse Ising models with random interactions and transverse fields. We then turn to more recent topics like information theoretic measures of the quantum phase transitions in these models; we elaborate on the scaling behaviors of concurrence, entanglement entropy (for both pure and random models), quantum discord and quantum fidelity close to a quantum critical point. At the same time, we discuss the decoherence (or Loschmidt echo) of a qubit coupled to a quantum critical spin chain. We then focus on non-equilibrium dynamics of a variety of transverse field systems across quantum critical points and lines. After briefly mentioning rapid quenching studies, we dwell on slow dynamics and discuss the Kibble-Zurek scaling for the defect density following a quench across critical points and its modifications for quenching across critical lines, gapless regions and multicritical points. We present a brief discussion on adiabatic perturbation theory indicating the limits of slow and sudden quenching; we introduce the concept of a generalized fidelity susceptibility in this context. Topics like the role of different quenching schemes, local quenching, quenching of models with random interactions and quenching of a spin chain coupled to a heat bath are touched upon. The connection between non-equilibrium dynamics and quantum information theoretic measures (introduced in the previous section) is presented at some length. We indicate the connection between Kibble-Zurek scaling and adiabatic evolution of a state as well as the application of adiabatic dynamics as a tool of a quantum optimization technique known as quantum annealing (or adiabatic quantum computation). The final section is dedicated to a detailed discussion on recent experimental studies of transverse Ising-like systems.