The metal‐catalyzed hydroboration reaction provides access to functionalized organoboron derivatives that cannot be easily prepared using traditional reagents. New developments in this reaction including neoteric reaction media and novel ligands are described in this review. A key aspect of the hydroboration reaction is the ability to further derivatize the product. Thus the conversion of boronate esters into amines, esters, alcohols, carboxylic acids and amino acids is described. (© Wiley‐VCH Verlag GmbH & Co. KGaA, 69451 Weinheim, Germany, 2003)