Wide occurrence of carbon‐phosphorus (C‐P) bonds activation among modern organic synthesis, catalyst deactivation and biological process has aroused interest in its synthetic applications. Over the past few decades, transition metal‐mediated transformations have become extremely powerful tools in organic synthesis. In this review, we describe the considerable progress that has been made in the catalytic activations and transformations of C‐P bonds within the coordination sphere of transition metals. Mechanistic information is also presented, and it is hoped that this review not only provides an account of the state of the art in the field but also highlight the future potential of these reactions in organic synthesis.