The vast and yet largely unexplored family of graphene materials has great potential for future electronic devices with novel functionalities. The ability to engineer the electrical and optical properties in graphene by chemically functionalizing it with a molecule or adatom is widening considerably the potential applications targeted by graphene. Indeed, functionalized graphene has been found to be the best known transparent conductor or a wide gap semiconductor. At the same time, understanding the mechanisms driving the functionalization of graphene with hydrogen is proving to be of fundamental interest for energy storage devices. Here we discuss recent advances on the properties and applications of chemically functionalized graphene.