The great success of graphene has boosted intensive search for other single-layer thick materials, mainly composed of group-14 atoms arranged in a honeycomb lattice. This new class of two-dimensional (2D) crystals, known as 2D-Xenes, has become an emerging field of intensive research due to their remarkable electronic properties and the promise for a future generation of nanoelectronics. In contrast to graphene, Xenes are not completely planar, and feature a low buckled geometry with two sublattices displaced vertically as a result of the interplay between sp2 and sp3 orbital hybridization. In spite of the buckling, the outstanding electronic properties of graphene governed by Dirac physics are preserved in Xenes too. The buckled structure also has several advantages over graphene. Together with the spin-orbit (SO) interaction it may lead to the emergence of various experimentally accessible topological phases, like the quantum spin Hall effect. This in turn would lead to designing and building new electronic and spintronic devices, like topological field effect transistors. In this regard an important issue concerns the electron energy gap, which for Xenes naturally exists owing to the buckling and SO interaction. The electronic properties, including the magnitude of the energy gap, can further be tuned and controlled by external means. Xenes can easily be functionalized by substrate, chemical adsorption, defects, charge doping, external electric field, periodic potential, in-plane uniaxial and biaxial stress, and out-of-plane long-range structural deformation, to name a few. This topical review explores structural, electronic and magnetic properties of Xenes and addresses the question of their functionalization in various ways, including external factors acting simultaneously. It also points to future directions to be explored in functionalization of Xenes. The results of experimental and theoretical studies obtained so far have many promising features making the 2D-Xene materials important players in the field of future nanoelectronics and spintronics.