Functionalization of polyolefin is an efficient route to new polymer materials with high performance/price ratio. Silicon-containing functional polyolefin (SFPO) is a kind of functional polyolefin that incorporate functional silicone groups or polysiloxane segments in the structure of polyolefin. Due to special physiochemical properties of silicone groups or polysiloxane, SFPO often possesses reactivity or advanced properties and forms a new group of functional polyolefin. SFPO can function as reactive intermediates in synthesizing functional polyolefins with complex topologies (star polymer, brush polymer and graft copolymer) or preparing polyolefin covalently grafted nanomaterials. SFPO can also serve as functional additives (compatibilizer, polymer process aid and surface modifier) in developing new polyolefin materials. In recent years, researchers have obtained a series of fruitful results on the syntheses and applications of SFPO. This review aims to cover the recent progress on SFPO, which we hope may arouse the attention of related researchers and promote further achievements in related research areas.