For many years, chemical modification of natural rubber (NR) has been an interesting method for the production of new polymeric materials. The first commercially successful modified NRs (hydrochlorinated, chlorinated and cyclized rubbers) were produced some fifty years ago. A new modified form, epoxidized rubber, presently has several applications especially in the tyre field. Liquid Natural Rubber (LNR) is another important derivative which can easily be produced by oxidative degradation of NR by different processes such as with coagulated rubber using the mechanical process (mastication) or radiation degradation or in the latex phase by action using the phenylhydrazine/oxygen system. At the UNIDO workshop in Abidjan, the industrial significance of LNR was pointed out especially in two areas, firstly as a reactive plastizer, especially in tyre processing and high hardness compounds, and also in the production of more easily processed natural rubber by blending LNR and conventional rubber in the latex phase. Concerning the epoxidized form of Liquid Natural Rubber, the presence of epoxidization gives the possibility of adjustment to damping properties, decreases in gas permeability and improved resistance to oils. The product is of some interest in the adhesives and sealants industry. More recently, it has been shown that LNR and ELNR can be good starting products for synthesis of higher added-value materials with specific properties related to an expected application. Their chemical structure offers many possibilities of chemical transformations involving the carbon-carbon unsaturated or epoxidized groups, which are well known for their high reactivities. This paper points out recent work realized in this field. The advantages of the use of NR substrates will be discussed. On the other hand, the various perspectives of chemical modification of NR or its derivatives will also be discussed. Promising develoments can be expected in chemical modifications occurring in multiphase systems such as in emulsion and latex phases.