This contribution is a documentation of recent advances in the chemistry of chalcogenide polynuclear transition metal complexes coordinated with mono- and di-phosphines functionalized with hydroxo groups. A survey of complexes containing tris(hydroxymethyl)phosphine (THP) is presented. The influence of the alkyl chain in bidentate phosphines, bearing the P–(CH2)x–OH arms, is also analyzed. Finally, isolation and structure elucidation of the complexes with HP(OH)2, P(OH)3, As(OH)3, PhP(OH)2, stabilized by coordination to Ni(0) and Pd(0) centers embedded into chalcogenide clusters, is discussed.