Metallosupramolecular chemistry has attracted the interest of generations of researches due to the versatile properties and functionalities of oligonuclear coordination complexes. Quitean umber of different discrete cages were investigated, mostly consisting of only one typeo fl igand and one type of metal cation. Looking for ever more complex structures, heterobimetallic complexes became more and more attractive, as they give access to new structural motifs and functions. In the last years substantial success has been made in the design ands ynthesis of cages consisting of more than one type of metal cations, and ar apidly growingn umber of functional materials has appeared in the literature. This Minireview describes recent developments in the field of discrete heterometallic macrocyclesa nd cages focusingo nf unctional materials that have been used as host-systems or as magnetic, photo-active,r edox-active, and even catalytically active materials.