In recent times, mesoporous silica sieves gathered considerable attention from a fundamental as well as an applied perspective. Particularly, MCM‐41 has become increasingly popular among researchers because of its chemical flexibility and application in various fields. In addition, MCM‐41‐based materials are currently being extensively studied for their utility as substrates, adsorbents, catalysts, molecular hosts, and ion exchangers. This review article provides a thoughtful analysis of the developments in these areas, particularly emphasizing the recent advance in the functionalization of MCM‐41 via metal complex and their catalytic applications in a variety of reactions such as coupling reactions and oxidation reactions. This review explores the catalytic properties that led to such widespread use, and why there is now an increasing drive to synthesize such a catalytic system.