As a consequence of growing environmental awareness, it is now inappropriate to design a synthetic metal-mediated transformation that involves a noncatalytic use of toxic and expensive transition-metal species. One of the earliest examples of such a metal-mediated transformation is the Pauson-Khand reaction, a [2+2+1] cyclocarbonylation that generates a cyclopentenone. Despite the early descriptions by Pauson and co-workers of catalytic versions of the reaction with octacarbonyldicobalt(0), applications of the Pauson-Khand reaction have to date almost exclusively used approaches that involve stoichiometric quantities of cobalt-carbonyl complexes. In the last decade, and, most markedly, in the last two to three years, however, there have been many exciting and novel developments in the catalytic Pauson-Khand reaction. Furthermore, asymmetric catalysis of the Pauson-Khand reaction has been shown to be a viable process. In view of the impressive developments in Pauson-Khand catalysis in the last two to three years, we present a comprehensive and critical coverage of the catalytic Pauson-Khand reaction that is designed to facilitate its application and to point to exciting future developments.