Transition metal cluster chalcogenides with cubane‐type structures are relevant to our understanding of several industrial and biological catalytic processes. Recent advances in cluster chemistry owe much to the development of rational synthetic approaches, an aspect that is emphasised in this review which focuses on cuboidal clusters of molybdenum and tungsten (M) with M2M′2S4 and M3M′Q4 (Q = S, Se) central units that incorporate a first‐row transition metal atom (M′). Special attention has been paid to the non‐aqueous chemistry of these compounds. The structural features of these complexes are discussed in relation to their electronic structures within the framework of molecular orbital theory, spectroscopic, magnetic and electrochemical experimental data. Finally, the importance of these clusters in catalysis, nonlinear optics and in the formation of supramolecular adducts is discussed. (© Wiley‐VCH Verlag GmbH & Co. KGaA, 69451 Weinheim, Germany, 2003)