Partially converted metal–organic frameworks (PC-MOFs), an emerging class of MOF composite materials, are synthesized by partial conversion of the metals and/or ligands in pristine MOFs into functional derivatives with the skeletons of MOFs partially preserved. As a bridge between currently predominate MOFs and completely converted MOF derivatives, PC-MOFs with integrated structural merits and unexpected new properties have received increasing attention. Herein, a timely review on the latest advances and breakthroughs in the synthesis and applications of PC-MOFs is presented. Firstly, the synthetic routes and conversion mechanisms are summarized to introduce how to realize partial conversion of MOFs to PC-MOFs with controllable structures and compositions. Secondly, the enhanced performance of PC-MOFs in catalysis and energy related fields are highlighted to demonstrate the structural superiorities. Finally, our perspectives on the current challenges and future directions are provided, aiming to inspire the further developments in the field of PC-MOFs.