Self-assembled discrete molecular architectures that show selective molecular recognition within their internal cavities are highly desirable. Such hosts often show guest recognition through several noncovalent interactions. This emulates the activity of naturally occurring enzymes and proteins. Research in the formation of 3D cages of different shapes and sizes has progressed rapidly since the development of coordination-driven self-assembly and dynamic covalent chemistry. Such molecular cages find applications in catalysis, stabilization of metastable molecules, purification of isomeric mixtures via selective encapsulation, and even in biomedical applications. Most of these applications stem from the ability of the host cages to bind guests strongly in a selective fashion, providing a suitable environment for the guests to perform their functions. Molecular cages having closed architectures with small windows either show poor encapsulation or inhibit easy guest release while those with wide open structures fail to form stable host-guest complexes. In this context, molecular barrels obtained by dynamic metal-ligand/covalent bond formation techniques possess optimized architectures. With a hollow-walled cavity and two large openings, molecular barrels satisfy the structural requirements for many applications. In this perspective, we will discuss in detail the synthetic strategies for obtaining barrels or barrel-like architectures employing dynamic coordination and covalent interactions, their structure-based classification, and their applications in catalysis, storing transient molecules, separation of chemicals, and photoinduced antibacterial activity. We aim to highlight the structural advantages of molecular barrels over other architectures for efficiently carrying out several functions and for the development of new applications.