Although reconfigurable intelligent surfaces (RISs) have demonstrated the potential to boost network capacity and expand coverage by adjusting their electromagnetic properties, existing RIS architectures have certain limitations, such as double-fading attenuation and restricted half-space coverage. In this article, we delve into the progressive development from single to multi-functional RIS (MF-RIS) that enables simultaneous signal amplification, reflection, and refraction. We begin by detailing the hardware design and signal model that distinguish MF-RIS from traditional RISs. Subsequently, we introduce the key technologies underpinning MF-RIS-aided communications, along with the fundamental issues and challenges inherent to its deployment. We then outline the promising applications of MFRIS in the realm of communication, sensing, and computation systems, highlighting its transformative impact on these domains. Lastly, we present simulation results to demonstrate the superiority of MF-RIS in enhancing network performance in terms of spectral efficiency.