  We study the L\'evy spin glass model, a fully connected model on $N$ vertices
with heavy-tailed interactions governed by a power law distribution of order
$0<\alpha<2.$ Our investigation focuses on two domains $0<\alpha<1$ and
$1<\alpha<2.$ When $1<\alpha<2,$ we identify a high temperature regime, in
which the limit and fluctuation of the free energy are explicitly obtained and
the site and bond overlaps are shown to exhibit concentration, interestingly,
while the former is concentrated around zero, the latter obeys a positivity
behavior. At any temperature, we further establish the existence of the
limiting free energy and derive a variational formula analogous to Panchenko's
framework in the setting of the Poissonian Viana-Bray model. In the case of
$0<\alpha<1$, we show that the L\'evy model behaves differently, where the
proper scaling for the free energy is super-linear and the normalized free
energy converges weakly to the sum of a Poisson Point Process at any
temperature. Additionally, we show that the Gibbs measure carries its weight on
polynomially many heaviest edges.
