Transition metal phosphides (TMP) posses unique physiochemical, geometrical, and electronic properties, which can be exploited for different catalytic applications, such as photocatalysis, electrocatalysis, organic catalysis, etc. Among others, the use of TMP for organic catalysis is less explored and still facing many complex challenges, which necessitate the development of sustainable catalytic reaction protocols demonstrating high selectivity and yield of the desired molecules of high significance. In this regard, the controlled synthesis of TMP‐based catalysts and thorough investigations of underlying reaction mechanisms can provide deeper insights toward practical achievement of desired applications. This review aims at providing a comprehensive analysis on the recent advancements in the synthetic strategies for the tailored and tunable engineering of structural, geometrical, and electronic properties of TMP. In addition, their unprecedented catalytic potential toward different organic transformation reactions is succinctly summarized and critically analyzed. Finally, a rational perspective on future opportunities and challenges in the emerging field of organic catalysis is provided. On the account of the recent achievements accomplished in organic synthesis using TMP, it is highly anticipated that the use of TMP combined with advanced innovative technologies and methodologies can pave the way toward large scale realization of organic catalysis.