The wide occurrence of carbon-phosphorus bond activation in modern organic synthesis, catalyst deactivation, and biological process has attracted interest for synthetic applications. Over the past few decades, transition-metal-mediated transformations have become extremely powerful tools in organic synthesis. In this review, considerable progress that has been made in catalytic activations and transformations of carbon-phosphorus bonds within the coordination sphere of transition metals is described. Mechanistic information is also presented, and it is hoped that this review not only provides an account of the state of the art in the field, but also highlights the future potential of these reactions in organic synthesis.