The potential applications of supercritical reaction media in heterogeneous catalysis have greatly expanded in recent years to include industrially significant reactions such as selective catalytic oxidations (fine and agricultural chemicals), fixed‐bed hydrogenations (pharmaceuticals, chemical intermediates), polymerizations, hydroformylations (petrochemical), and solid‐acid catalyzed alkylations (petroleum refining). The near‐critical region (roughly 1.05‐1.2 Tc; and 0.9 ‐ 2.0 Pc) provides access to unique fluid properties (liquid‐like densities and gas‐like transport properties) that have been exploited in heterogeneous catalytic systems in numerous ways such as these: eliminating oxygen or hydrogen solubility limitations in the liquid phase of multiphase reaction systems; enhanced desorption and transport of heavy molecules (such as coke precursors) in mesoporous catalysts alleviating pore‐diffusion limitations and improving catalyst effectiveness; in situ removal of primary reaction products maximizing their selectivity; enhanced heat capacity ameliorating the problem of parametric sensitivity in exothermic fixed‐bed reactors; and facile separation of reactants and products. Supercritical reaction systems are thus excellent examples of the ‘multifunctional reactor’ concept. This chapter provides an overview of recent advances in each of these areas including fundamental and experimental aspects. Barriers and challenges confronting application of CO2‐based processes in industrial catalysis, and advances in overcoming these barriers are highlighted.