During the last decade olefin metathesis has become a progressive area of chemistry. Recently this type of CC bond‐forming method has been one of the most popular areas in organic, organometallic, and polymer chemistry, both in academic and in industrial research. This article tries to provide an insight into the structure, mode of action, and synthesis of the most effective catalysts including tungsten, molybdenum, and ruthenium. The discussion focused on the application of alkene and alkyne metathesis for synthesizing polymers, medium or large sized rings, and for reducing the reaction steps in complicated organic synthesis. On the other hand alkene metathesis can be used for cross‐metathesis, ring‐closing metathesis, ring‐opening metathesis, ring‐opening metathesis polymerization, and acyclic diene metathesis polymerization. Alkynes can also undergo metathesis reactions with alkenes or alkynes.