Activation of H-H, Si-H, and C-H bonds through σ-bond coordination has grown in the past 30 years from a scientific curiosity to an important tool in the functionalization of hydrocarbons. Several mechanisms were discovered via which the initially σ-bonded substrate could be converted: oxidative addition, heterolytic cleavage, σ-bond metathesis, electrophilic attack, etc. The use of metal nanoparticles (NPs) in this area is a more recent development, but obviously nanoparticles offer a much richer basis than classical homogeneous and heterogeneous catalysts for tuning reactivity for such a demanding process as C-H functionalization. Here, we will review the surface chemistry of nanoparticles and catalytic reactions occurring in the liquid phase, catalyzed by either colloidal or supported metal NPs. We consider nanoparticles prepared in solution, which are stabilized and tuned by polymers, ligands, and supports. The question we have addressed concerns the differences and similarities between molecular complexes and metal NPs in their reactivity toward σ-bond activation and functionalization.