This review is an attempt to bring together the data from the literature on the synthesis and properties of icosahedral carborane derivatives, in which exo-polyhedral three- and four-coordinated boron substituents are attached directly to the carborane cage through boron–carbon or boron–boron bonds. Various classes of compounds are considered, including carboranyl aryl boranes, boronic acids and their derivatives, boroles, diazaboroles, etc. Particular attention is paid to carborane-fused heterocycles containing boron atoms.