The facial‐Re(CO)3 core based supramolecular coordination complexes represent a unique class of functional 2D and 3D metallacycles possessing advantages such as high stability, one‐step synthesis, clean products and good solubility. Most of these metallacycles display interesting photophysical and redox properties leading to their applications in host‐guest chemistry, photo‐catalysis, biological activity and functional molecular devices. This review presents a comprehensive survey of reported Re‐based metallacycles describing the development of synthetic methodologies, properties, applications and future prospects.