Coordination polymers including metal-organic frameworks, clathrates and cyanometallates have recently gained significance as an important class of solid state materials. In this critical review, the diversity, classification, synthesis, structure, properties, applications, geometrical and chemical factors that influence their formation have been carefully presented. The synthesis of these new classes of compounds from molecular building blocks and demonstration of their high surface area, adsorptive and trapping potentials of molecules, selectivity in separation and uptake of molecules, tunable and modifiable molecular structure, and photoluminescence, magnetic and antimicrobial responses holds the potential for innumerable applications based on these tailored properties.