Porous carbon materials are of interest in many applications because of their high surface area and physicochemical properties. For particular application, the surface of porous carbon material usually needs to be modified or functionalized according to a specific requirement. In this review, methods of synthesis of porous carbon material core shell structure, methods of functionalizing porous carbon material through direct incorporation of heteroatom in carbon synthesis, halogenation, sulfonation, surface oxidation, grafting are examined. The method of characterizing the functionalized carbon material (bulk, surface, internal and external) and its application in the field of catalysis and energy storage (Li-ion batteries, capacitors/supercapacitors), are also subjects of focus.