Rare-earth metal(III) triflates are extremely mild, efficient and water-tolerable Lewis acid catalysts for a wide range of organic transformations. Rare-earth metal triflates retain activity even in the presence of multiple Lewis bases containing oxygen, nitrogen, sulfur and phosphorus atoms, and can be easily recovered and reused without any loss of catalytic activity. This review summarizes recent developments and highlights key applications of these unique Lewis acids in cycloaddition and cyclization reactions.