We review individual and group properties of X-ray binary systems in M31 based on the results from XMM-Newton survey. Nearly 200 of total 600 X-ray sources detected in the survey can be classified as X-ray binary candidates (neutron star/black hole candidate binary systems). The unprecedented sensitivity of XMM-Newton allowed a detailed study of spectral properties and variability of new and previously known X-ray emitting binary systems. A correlation between the spectral properties and a level of X-ray flux has been found for several sources. A short-term periodic variability of three X-ray sources has been discovered. We present luminosity functions of X-ray binaries in the bulge and disk regions of M31. We discuss the observed properties of the X-ray binary populations in M31 in the framework of current theoretical models and compare them to the properties of their counterparts in our own Galaxy.