We review and discuss the electronic structures, topological properties and orbital magnetism in twisted bilayer (TBG) and multilayer graphene systems. Moiré pattern is formed in twisted bilayer graphene due to the mutual twist of the two graphene layers. The moiré potential induced by the twist can generate opposite pseudo magnetic fields in the Moiré supercell, which are coupled with the Dirac fermions and generate two sets of pseudo Landau levels with opposite Chern numbers $\pm1$ . The two flat bands for each valley each spin of TBG are equivalent to the two zeroth pseudo Landau levels with opposite Chern numbers and opposite sublattice polarizations. Such a pseudo-Landau-level representation has significant implications on the quantum anomalous Hall states observed at integer fillings of the flat bands in TBG at the magic angle. The origin of the magic angle can also be naturally explained by using the pseudo-Landau-level picture. We further discuss twisted multilayer graphene systems, and show that topological flat bands generally exist in the twisted multilayer graphene systems. These topological flat bands have nonzero valley Chern numbers, which can be described by a succinct formula under certain approxmations. These topological flat bands in twisted bilayer and multilayer graphene systems are associated with orbital magnetism. A valley polarized state in the twist graphene system is an orbital magnetic state with nontrivial current-loop pattern in the moiré supercell. The experimentally observed correlated insulating states at $\pm 1/2$ fillings and at charge neutrality point of magic-angle TBG can be valley polarized states, which are associated with compensating current loops and induce staggered orbital magnetizations on the moiré length scale. If $C_{2z}$ symmetry is broken due to the alignment of hexagonal boron nitride substrate, then a valley-polarized ground state would be a moiré orbital ferromagnetic state, which exhibits not only (quantum) anomalous Hall effect, but also novel magneto-optical and nonlinear optical responses.