Aqueous‐phase organometallic chemistry is an important yet still underexplored area of chemistry and catalysis. An important aspect of organometallic chemistry in water is the potential to utilize the benefits of homogeneous catalysis (selectivity, activity, etc.) and couple that with the benefits of heterogeneous catalysis (ease of separation). Organometallic complexes can be made soluble in water through the use of various water‐soluble ligands. An overview of the unique characteristics of water with respect to organometallic complexes and reactivity are discussed including pH effects, hydrogen bonding, salt effects, and metal‐carbon bond stability. An introduction to the various types of ligands utilized in water‐soluble organometallic chemistry is provided. The most prevalent water‐soluble ligands are phosphines designed with polar or hydrophilic functional groups. Amines, ammonium salts, functionalized NHCs, and derivatives of cyclopentadiene or arenes are some of the other ligands that have been utilized in aqueous‐phase organometallic chemistry and catalysis. Water also makes a good ligand for some water‐soluble organometallic complexes and the reactivity of coordinated water can play a significant role in reactivity and/or catalysis. An introduction to the behavior of metal hydride ligands in aqueous environments is also presented. Finally, selected catalytic reactions carried out in aqueous media are discussed including hydrogenation, hydration, CC bond forming reactions, oxidation, hydroformylation, and olefin metathesis.