In this article we discussed synthesis and catalytic applications of heterogeneous catalysts based on lacunary polyoxometalates (LPOMs) and transition metal substituted polyoxometalates (TMSPOMs), however exclusively the focus has been given to the mono LPOMs and mono-TMSPOMs. As the field of supported LPOMs/TMSPOMs is upcoming important field, some aspects about choice of support as well as methods of supporting have also been described. We also include a few of our new research results in order to understand the effect of support and active species as well as choice of organic transformation.