Cyclopentadienyl (Cp)-coordinated cationic Si(II) (1) and Ge(II) compounds (2) are a new class of catalysts for various transformations in organosilicon chemistry. This review demonstrates that these compounds effectively catalyze technically important reactions, such as the hydrosilylation of carbon-carbon multiple bonds and various types of siloxane-coupling reactions, e.g., the Piers-Rubinsztajn reaction and the oxidative siloxane coupling reaction. Whereas the cationic Si(II) compounds are sensitive to air and moisture, the corresponding cationic Ge(II) compounds are bench stable, thus offering further advantages. The new catalysts contribute to the growing need for the substitution of transition metals and heavier main group metals by their lighter congeners, especially in industrially relevant organosilicon chemistry.