There　has　been　considerable　interest　and　importance　in　using　the　＂exchange　reaction＂　to　synthesize,　modify,　or　functionalize　metal-organic　frameworks　(MOFs),　since　the　＂exchange＂　can　achieve　desired　changes　in　their　structures　and　performances　for　various　applications.　In　2014,　we　published　a　critical　review　on　this　topic,　in　which　the　exchange　of　metal　ions,　ligands,　and　guests　was　discussed　in　detail.　In　the　past　five　years,　much　progress　has　been　made　and　some　new　and　important　results　were　published,　which　significantly　promoted　the　development　of　MOF　chemistry.　In　this　review,　the　exchange　reactions　of　the　two　main　components　of　MOFs,　namely　metal　center　ions　and　ligands,　are　summarized　based　on　the　new　results　since　2014.　The　influence　factors　and　processes　of　the　exchange　reactions　are　firstly　discussed　for　guiding　the　design　of　functional　MOFs.　The　lately　reported　works　on　exchange　reactions　of　MOFs　classified　into　two　groups　with　seven　subgroups　are　then　introduced.　Finally,　a　perspective　is　given,　expecting　that　the　exchange　reactions　will　play　a　more　and　more　important　role　in　exploring　novel　or　functional　MOFs　for　applications　in　the　future.　(C)　2020　Elsevier　B.V.　All　rights　reserved.