This invention provides improved methods for the derivatization and solubilization of fullerenes, which are particularly useful for those fullerenes that are normally insoluble and which are specifically applied, among others, to endohedral fullerenes, including endohedral metallofullerenes; empty fullerenes, including small-bandgap fullerenes and other insoluble fullerenes and to very high molecular weight fullerenic materials generated in fullerenic soot, including giant fullerenes, fullerenic polymers, carbon nanotubes and metal-carbon nanoencapsulates. More specifically the invention relates to improved methods for cyclopropanation of fullerenes. Specific reaction conditions are provided which allow for cyclopropanation reactions to be successfully performed for the first time on insoluble classes of fullerenes. Also provided is a method for purification of one or more fullerenes from a fullerenic material containing the one or more fullerenes in addition to non-fullerenic carbonaceous material, particularly amorphous carbonaceous material, by derivatizing one or more fullerenes using the methods of the invention and separating soluble derivatizes fullerenes from insoluble materials.