The catalytic oxidation is an area of the key technologies for converting petroleum-based feedstocks to useful chemicals such as diols, epoxides, alcohols, and carbonyl compounds. Many efficient homogeneous and heterogeneous oxidation systems based on polyoxometalates (POMs) with green oxidants such as H 2 O 2 and O 2 have been developed. This chapter summarizes the remarkable oxidation catalyses by POMs with multimetallic active sites. The multifunctionality of multimetallic active sites in POMs such as cooperative activation of oxidants, simultaneous activation of oxidants and substrates, stabilization of reaction intermediates, and multielectron transfer leads to their remarkable activities and selectivities in comparison with the conventional monometallic complexes. Finally, the future opportunities for the development of shape-and stereoselective oxidation by POM-based catalysts are described.