The progress of ultracold atoms renders numerous possibilities to investigate exotic magnetism and superfluidity, which are rarely observed in solid state systems. In this thesis, we will introduce two novel physical descriptions: "frustrated Cooper pairing" and "large-hyperfine spin physics". Geometric frustration in quantum magnetism refers to which magnetic interactions on different bonds cannot be simultaneously minimized, and usually Cooper pairing favors uniform phases among different lattice sites. Here, we introduce "frustration" in Cooper pairing in a fermionic p-orbital model. By mean- field calculations, we show that the system exhibits behavior analogous to frustrated magnetism, and an unconventional supersolid state with the f-wave symmetry. Next, we introduce large-spin physics. In usual condensed matter systems, large spin is not intriguing because large values of spin suppress quantum fluctuations. In contrast, in ultracold fermion systems, large-hyperfine spin enhances quantum fluctuations and brings exotic quantum magnetism. Here the simplest large-spin fermionic system, a spin-3/2 exchange system is proposed, which can be characterized by an Sp(4)/SO(5) symmetry. In one dimension, the ground states exhibit either a dimerized state with a finite spin gap or a gapless spin liquid state by means of the density matrix renormalization group method. In the latter case, the spin-spin correlation functions are identified to have 4-site periodicities, which behaves similarly to the SU(4) chain. In two dimension, we infer that there exist three competing phases: Neel ordering, columnar dimerization and 2 x 2 plaquette formation, in the thermodynamic limit by exact diagonalization calculation on small sizes. Finally we perform the projector Quantum Monte Carlo method to study another large-spin system: the half-filled SU(N) Hubbard model. We show that at half-filling there is no sign problem such that our simulations are accurate. By finite size scaling, it is clearly found that the magnetic Neel ordering can exist not only for N = 2 but also in the N = 4 case at strong interactions. For N ̲> 6 or N = 4 at small U, the numerical results do not have any prominent signal that the long-range ordering exists in the thermodynamic limit. Due to strong finite size effects and finite numerical accuracy, however, we are unable to make any conclusion to identify the physics in the regimes