Fluorine contained polysiloxanes exhibit the advantages of both fluorine and silicone, such as excellent thermal resistance, lubricity, and surface property. They are widely applied in many fields, such as petrochemicals, textile, machinery, etc. This paper reviews the preparation of fluorine contained polysiloxanes, such as hydrosilylation, hydrolysis and ring-opening polymerization. The relationship between their molecular structure and properties are discussed, such as interaction mechanism of fluorine contained silicone oil with different material interfaces and the corrdination effect of fluorine and silicone. Their applications as lubricants, antifoaming agents, finishing agents, and super hydrophobic materials are also introduced. Through molecular chain structure modification, as well as adding suitable additives (such as organophosphine and ferrous-organic compounds), the surface properties of fluorine contained polysiloxanes, including anti-oxidation stability and anti-wear properties are hopefully to be largely enhanced.