► We examine reflectance spectra of 39 CM carbonaceous chondrites. ► We search for spectral variability and relationships to petrography. ► Spectral slopes range from blue to red. ► CM spectra exhibit nearly ubiquitous absorption band near 0.7, 0.9, and 1.1 μm due to phyllosilicates. ► Band depths range up to 10% and absolute reflectance ranges from 2.6% to 13% in the visible region. We have examined the spectral reflectance properties and available modal mineralogies of 39 CM carbonaceous chondrites to determine their range of spectral variability and to diagnose their spectral features. We have also reviewed the published literature on CM mineralogy and subclassification, surveyed the published spectral literature and added new measurements of CM chondrites and relevant end members and mineral mixtures, and measured 11 parameters and searched pair-wise for correlations between all quantities. CM spectra are characterized by overall slopes that can range from modestly blue-sloped to red-sloped, with brighter spectra being generally more red-sloped. Spectral slopes, as measured by the 2.4:0.56 μm and 2.4 μm:visible region peak reflectance ratios, range from 0.90 to 2.32, and 0.81 to 2.24, respectively, with values <1 indicating blue-sloped spectra. Matrix-enriched CM spectra can be even more blue-sloped than bulk samples, with ratios as low as 0.85. There is no apparent correlation between spectral slope and grain size for CM chondrite spectra – both fine-grained powders and chips can exhibit blue-sloped spectra. Maximum reflectance across the 0.3–2.5 μm interval ranges from 2.9% to 20.0%, and from 2.8% to 14.0% at 0.56 μm. Matrix-enriched CM spectra can be darker than bulk samples, with maximum reflectance as low as 2.1%. CM spectra exhibit nearly ubiquitous absorption bands near 0.7, 0.9, and 1.1 μm, with depths up to 12%, and, less commonly, absorption bands in other wavelength regions (e.g., 0.4–0.5, 0.65, 2.2 μm). The depths of the 0.7, 0.9, and 1.1 μm absorption features vary largely in tandem, suggesting a single cause, specifically serpentine-group phyllosilicates. The generally high Fe content, high phyllosilicate abundance relative to mafic silicates, and dual Fe valence state in CM phyllosilicates, all suggest that the phyllosilicates will exhibit strong absorption bands in the 0.7 μm region (due to Fe 3+–Fe 2+ charge transfers), and the 0.9–1.2 μm region (due to Fe 2+ crystal field transitions), and generally dominate over mafic silicates. CM petrologic subtypes exhibit a positive correlation between degree of aqueous alteration and depth of the 0.7 μm absorption band. This is consistent with the decrease in fine-grained opaques that accompanies aqueous alteration. There is no consistent relationship between degree of aqueous alteration and evidence for a 0.65 μm region saponite-group phyllosilicate absorption band. Spectra of different subsamples of a single CM can show large variations in absolute reflectance and overall slope. This is probably due to petrologic variations that likely exist within a single CM chondrite, as duplicate spectra for a single subsample show much less spectral variability. When the full suite of available CM spectra is considered, few clear spectral–compositional trends emerge. This indicates that multiple compositional and physical factors affect absolute reflectance, absorption band depths, and absorption band wavelength positions. Asteroids with reflectance spectra that exhibit absorption features consistent with CM spectra (i.e., absorption bands near 0.7 and 0.9 μm) include members from multiple taxonomic groups. This suggests that on CM parent bodies, aqueous alteration resulted in the consistent production of serpentine-group phyllosilicates, however resulting absolute reflectances and spectral shapes seen in CM reflectance spectra are highly variable, accounting for the presence of phyllosilicate features in reflectance spectra of asteroids across diverse taxonomic groups.