In this thesis, we have proposed a new computing platform called probabilistic spin logic (PSL) based on probabilistic bits (p-bit) using low barrier nanomagnets (LBM) whose thermal barrier is of the order of a kT unlike conventional memory and spin logic devices that rely on high thermal barrier magnets (40-60 kT) to retain stability. p-bits are tunable random number generators (TRNG) analogous to the concept of binary stochastic neurons (BSN) in artificial neural network (ANN) whose output fluctuates between a +1 and -1 states with 50-50 probability at zero input bias and the stochastic output can be tuned by an applied input producing a sigmoidal characteristic response. p-bits can be interconnected by a synapse or weight matrix [J] to build p-circuits for solving a wide variety of complex unconventional problems such as inference, invertible Boolean logic, sampling and optimization. It is important to update the p-bits sequentially for proper operation where each p-bit update is informed of the states of other p-bits that it is connected to and this requires the use of sequencers in digital clocked hardware. But the unique feature of our probabilistic hardware is that they are autonomous that runs without any clocks or sequencers.<br>To ensure the necessary sequential informed update in our autonomous hardware it is important that the synapse delay is much smaller than the neuron fluctuation time.<br>We have demonstrated the notion of this autonomous hardware by SPICE simulation of different designs of low barrier nanomagnet based p-circuits for both symmetrically connected Boltzmann networks and directed acyclic Bayesian networks. It is interesting to note that for Bayesian networks a specific parent to child update order is important and requires specific design rule in the autonomous probabilistic hardware to naturally ensure the specific update order without any clocks. To address the issue of scalability of these autonomous hardware we have also proposed and benchmarked compact models for two different hardware designs against SPICE simulation and have shown that the compact models faithfully mimic the dynamics of the real hardware.<br>