Epoxy resin will continue to be in the forefront of many thermoset applications due to its versatile properties. However, with advancement in manufacturing, changing societal outlook for the chemical industries and emerging technologies that disrupt conventional approaches to thermoset fabrication, there is a need for a multifunctional epoxy resin that is able to adapt to newer and robust requirements. Epoxy resins that behave both like a thermoplastic and a thermoset resin with better properties are now the norm in research and development. In this paper, we viewed multifunctionality in epoxy resins in terms of other desirable properties such as its toughness and flexibility, rapid curing potential, self-healing ability, reprocessability and recyclability, high temperature stability and conductivity, which other authors failed to recognize. These aspects, when considered in the synthesis and formulation of epoxy resins will be a radical advance for thermosetting polymers, with a lot of applications. Therefore, we present an overview of the recent finding as to pave the way for varied approaches towards multifunctional epoxy resins.