Cobalt complexes of cycloheptynes are thermally stable compounds, unlike their metal‐free counterparts. The past decade has seen the development of a number of reliable methods for their preparation, and a substantial delineation of the reactions they undergo and tolerate. In turn, these developments have resulted in the exploitation of cycloheptynedicobalt complexes in synthesis. This review details the recent developments in the chemistry of these compounds. (© Wiley‐VCH Verlag GmbH & Co. KGaA, 69451 Weinheim, Germany, 2008)