A review of the current status and future trends in oxidation catalysis is presented. The topics entail the (amm)oxidation of propylene to acrylonitrile using complex multicomponent mixed metal molybdates and antimonates as catalysts, the ammoxidation of propane to acrylonitrile using V-Sb-oxides or V-Te-Nb-Mo-oxides, the oxydehydrogenation of light paraffins using Ni-Co-molybdates or Mg-V-Sb-oxides, dehydrogenation of propane combined with selective hydrogen oxidation using Group VIII elements, oxidation of propane to acrylic acid using complex molybdates, and the (amm)oxidation of xylenes to terepthalic acid or terepthalonitrile using Fe-Mo-modified ZSM-5 catalysts. The respective reaction mechanism of the prevailing selective catalytic oxidations are discussed, as are the specific functionalities of the various elements contained in the mixed metal catalysts. Some new approaches to the rational design and synthesis of improved catalysts are offered.