Diborane(6), generally known as diborane, is highly reactive and versatile reagent with large number of applications. Although known for more than a century, recent years have witnessed substantial growth due to its fundamental research and significant applications in catalysis. In addition, massive efforts have been engaged to synthesize the transition metal diborane and diborene complexes to understand their structure and bonding. One of the interesting structural features of this type of complex is that they mimic transition metal alkene or alkyne complexes. Despite the exciting synthetic interest, the synthesis of transition metal diborane or diborene complexes is challenging, irregular, and uncontrollable. Nevertheless, a considerable amount of progress has been observed over decades that made this field very appealing. This article provides an overview of their synthesis, structure, and bonding along with some of their reactivities.