The study investigates the electronic and magnetic excitations in La3Ni2O7, a bilayer nickelate with high-temperature superconductivity. Using X-ray absorption spectroscopy (XAS) and resonant inelastic X-ray scattering (RIXS), the researchers identified that Ni 3d2z2, Ni 3d2z2, and ligand oxygen 2p orbitals dominate the low-energy physics with a small charge-transfer energy. The well-defined optical-like magnetic excitations soften into quasi-static spin-density-wave (SDW) ordering, indicating strong electronic correlation and rich magnetic properties. An effective Heisenberg spin model was used to extract a stronger inter-layer effective magnetic superexchange compared to intra-layer ones, suggesting two viable magnetic structures. The findings highlight the importance of the Ni 3d2z2 orbital bonding within the bilayer, which induces novel electronic and magnetic excitations, setting the stage for further exploration of La3Ni2O7 as a superconductor. The study provides crucial insights into the electronic and magnetic properties of La3Ni2O7, which are essential for understanding its superconducting mechanism.The study investigates the electronic and magnetic excitations in La3Ni2O7, a bilayer nickelate with high-temperature superconductivity. Using X-ray absorption spectroscopy (XAS) and resonant inelastic X-ray scattering (RIXS), the researchers identified that Ni 3d2z2, Ni 3d2z2, and ligand oxygen 2p orbitals dominate the low-energy physics with a small charge-transfer energy. The well-defined optical-like magnetic excitations soften into quasi-static spin-density-wave (SDW) ordering, indicating strong electronic correlation and rich magnetic properties. An effective Heisenberg spin model was used to extract a stronger inter-layer effective magnetic superexchange compared to intra-layer ones, suggesting two viable magnetic structures. The findings highlight the importance of the Ni 3d2z2 orbital bonding within the bilayer, which induces novel electronic and magnetic excitations, setting the stage for further exploration of La3Ni2O7 as a superconductor. The study provides crucial insights into the electronic and magnetic properties of La3Ni2O7, which are essential for understanding its superconducting mechanism.