Recently, there is a growing research interest in the applications and development of micro components based on a novel multi-discipline technology, microfluidic technology, which could precisely manipulate liquid in micro-sized channels and meet the requirements for high accuracy and high throughput. These advantages make it a promising manufacturing technology for micro-components with controlled shapes and structures, which may have great potential applications in micromachine parts, energy material, drug delivery, cell culture, and other fields. This review article aims to present the recent advances in the preparation of functional microparticles based on microfluidic technology. Firstly, the microfluidic devices, the methods for preparing typical microparticles, and the corresponding mechanical principles are introduced. Then materials commonly used are submitted, and the methods of controlling the shape and structure of microparticles are presented. Finally, some typical applications of functional microparticles in different fields are summarized.