Functionalized MCM-41 constitute a group of potent hybrid catalysts for organic reactions. Their pore size is large enough to house large substrate molecules, the large bulk of surface silanol groups helps in introduction of a variety of functionalities required for the catalytic action. The current review emphasizes the broad methodology for the synthesis of these catalysts, effect of functionalization on reaction parameters, stability, efficiency, selectivity, reusability along with limitations of these catalysts to organic transformations, from a green chemistry standpoint. Some selected mechanisms of catalytic action are also highlighted. The review demonstrates that surface functionalized MCM-41 constitute innovative and need based catalyst systems that catalyze reactions like Sonogashira, Suzuki, Heck, Friedel Craft reaction, Aldol and Knoevenagel condensation etc. Several other reactions like oxidation, reduction, dehydration, esterification, epoxidation, CÀ S, CÀ N, CÀ O and SÀ S coupling as well as multicomponent synthesis of bioactive heterocycles have also been reported. It is hoped that this review will improve the understanding of scientific community on how these versatile catalysts operate and will provide opportunities to further enhance their utility for chemical industry.