Molecular electronics has improved tremendously over the past 20 years, but it remains challenging to develop molecular switches that operate well in two-terminal tunnel junctions. Emerging technologies demand multi-functional junctions that can switch between different operations within a single molecule or molecular monolayer. Usually the focus is placed on molecules that shift the junctions between high and low conductance states, but here we describe molecular junctions with dual-functional switching capability. We discuss the operating mechanism of such switches and present examples of “two-in-one” junctions of a diode placed in series with an additional switch, which can operate either as an electrostatic or a memory on/off switch. We propose guidelines for future designs of such dual-function molecular switches and provide an outlook for future directions of research.