Microfluidic devices are composed of microchannels with a diameter ranging in ten to a few hundred micrometers. Thus, quite small (10-9 to 10-18 litres) amount of liquid can be manipulated by such a precise system. In the past three decades, significant progresses in materials, microfabrication, and various applications have boosted the development of promising functional microfluidic devices. In this review, the recent progresses on novel microfluidic devices with various functions and applications are presented. First, the theory and numerical methods for studying the performance of microfluidic devices are briefly introduced. Then, materials, and fabrication methods of functional microfluidic devices are summarized. Next, from the viewpoint of the applications of the microfluidic devices, the recent significant advances in heat sink, clean water production, chemical reactions, sensor, biomedical field, capillaric circuits, flexible and wearable electronic devices, microrobotics, etc., in turns are then highlighted. Finally, personal perspectives on the challenges and future developments of functional microfluidic devices, aiming to motivate researchers from the fields of engineering, materials, chemistry, mathematics, physics, etc. working together to promote further development and applications of functional microfluidic devices, for the specific purpose of carbon neutrality are provided.