Over the last decade the organometallic chemistry of gold(III) has seen remarkable advances. This includes the synthesis of the first examples of several compound classes that have long been hypothesized as being part of catalytic cycles, such as gold(III) alkene, alkyne, CO and hydride complexes, and important catalysis-relevant reaction steps have at last been demonstrated for gold, such as migratory insertion and β-H elimination reactions. Also, reaction pathways that were already known, such as the generation of gold(III) intermediates by oxidative addition and their reductive elimination, are much better understood. A deeper understanding of fundamental organometallic reactivity of gold(III) has also revealed unexpected mechanistic avenues, which can open when the barriers for reactions that for other metals would be regarded as "standard" are too high. This review summarizes and evaluates these developments, together with applications of gold(III) in synthesis and catalysis, with emphasis on the mechanistic insight gained in these investigations.