Thiacalixarenes, a subclass of "third generation" calixarenes, exhibit many interesting features such as enlarged ring size, facile chemical modification, and metal complexation due to the presence of bridging sulfur atoms. The thiacalixarene scaffold is a unique host with vast possibilities for functionalization not only at the upper and lower rim but also at the bridging sulfide groups. Modified thiacalixarenes have been used for many applications such as the detection and separation of biologically important cations, anions, and bio-analytes, mimicking molecular logic gates and devices, and synthesis of self-assembled coordination cages, multinuclear complexes, magnetic materials and luminescent materials. This review article summarizes recent developments in the derivatization methods of thiacalixarenes and their utilization in various applications.