The results of investigations related to physico-chemical properties, synthesis and structure of polyoxometalates and their lanthanide(III) complexes are briefly reviewed. Useful techniques for the verifrcation of polyoxometalate compositions and the determination of components are compared. Complexation of metal ions, especially of lanthanide(III) ions, with polyoxometalates using absorption (in the UV-visible and the near IR region) and luminescence spectroscopy methods are presented. Absorption hypersensitive transitions of certain lanthanide(III) ions and laser-induced europium(III) ion luminescence spectroscopy are shown to be useful in complexation investigations. The significance of some polyoxometalate complexes as potential magnetic resonance imaging agents and in biological studies as antiviral agents are discussed.