The metal-organic framework (MOF) compounds have witnessed rapid growth in the past decade and currently emerged as a highly unique area in the field of chemistry, materials science, and multiple branches of engineering. It presents applications in diverse fields such as gas sorption, catalysis, ionic conductivity, sensing etc. These compounds are built by the inorganic metal ions which are bridged by organic linkers to form extended structures. These compounds are mainly synthesized by either one-pot synthesis or in a sequential manner. In the former case, the inorganic metal ions and the respective organic linker are reacted together in a particular solvent or solvent mixture, whereas in the later case, a metalloligand is prepared by using the organic linker and the primary metal ion, which react with the secondary metal ion forming the desired structure. In this thesis, the synthesis of metal-organic framework compounds by one-pot synthesis as well as the sequential synthesis is presented. The structures of all the synthesized compounds have been determined by single crystal X-ray diffraction technique. The prepared compounds were employed in the study of sensing of nitroaromatic compounds, toxic metal ions and highly oxidizing anions. In addition, detailed studies of heterogeneous catalysis employing the prepared MOFs were investigated along with catalysis by metal nanoparticle incorporated within MOFs. In select cases, the labile nature of the lattice water molecules was established by performing in-situ single crystal to single crystal (SCSC) structural transformation studies. In addition, the proton conductivity and the magnetic behavior have also been studied. Chapter 1 of the thesis presents a brief overview on metal-organic framework compounds and summarizes its various important properties. In chapter 2, the synthesis, structure, and characterization of heterometallic metal-organic framework compounds using 2-mercaptonicotinic (H2mna) and Cu(I) / Ag(I) based two metalloligands, [Cu6(Hmna)6] and [Ag6(Hmna)2(mna)4](NH4)4 are presented. In chapter 3, we present the synthesis, structure and nitroaromatic sensing behavior of [Ag6(mna)6](NH4)6 metalloligand based heterometallic metal-organic framework compounds. In chapter 4, the synthesis, structure and Lewis acid catalytic behavior of 6-mercaptonicotinic acid based heterometallic metal-organic framework compounds are presented. In chapter 5, the stabilization of the palladium nanoparticles in the newly synthesized 1,10-phenanthroline based metal-organic framework compounds and their catalytic behavior is presented. In chapter 6, we present the synthesis, structure and the sensing behavior of hazardous chemicals such as toxic metal ions and highly oxidizing anions. In addition, the adsorption and desorption of synthetic dye molecules by the metal-organic framework compounds are also presented.