A survey of the existing complexes containing a transition metal-phosphorus triple bond is presented. Based on the different types of these complexes—terminal and asymmetrically bridged complexes with a phosphido ligand as well as the linearly coordinated phosphinidene complexes—their characteristic structural and bonding features as well as trends in their NMR data are discussed and compared. The present knowledge of the reactivity pattern of these types of compounds is summarized, which represents a field with tremendous perspectives.