Motivated by experimental and theoretical interest in realizing multipolar orders in $d$-orbital materials, we discuss the quantum magnetism of $J!=!2$ ions which can be realized in spin-orbit coupled oxides with $5d^2$ transition metal ions. Based on the crystal field environment, we argue for a splitting of the $J!=!2$ multiplet, leading to a low lying non-Kramers doublet which hosts quadrupolar and octupolar moments. We discuss a microscopic mechanism whereby the combined perturbative effects of orbital repulsion and antiferromagnetic Heisenberg spin interactions leads to ferro-octupolar coupling between neighboring sites, and stabilizes ferro-octupolar order for a face-centered cubic lattice. This same mechanism is also shown to disfavor quadrupolar ordering. We show that studying crystal field levels via Raman scattering in a magnetic field provides a probe of octupolar order. We study spin dynamics in the ferro-octupolar state using a slave-boson approach, uncovering a gapped and dispersive magnetic exciton. For sufficiently strong magnetic exchange, the dispersive exciton can condense, leading to conventional type-I antiferromagnetic (AFM) order which can preempt octupolar order. Our proposal for ferrooctupolar order, with specific results in the context of a model Hamiltonian, provides a comprehensive understanding of thermodynamics, $mu$SR, X-ray diffraction, and inelastic neutron scattering measurements on a range of cubic $5d^2$ double perovskite materials including Ba$_2$ZnOsO$_6$, Ba$_2$CaOsO$_6$, and Ba$_2$MgOsO$_6$. Our proposal for exciton condensation leading to type-I AFM order may be relevant to materials such as Sr$_2$MgOsO$_6$.
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