Acyl phosphines (R2P–C(O)R) are the tertiary phosphorus compounds having a P–C(O) linkages. Though they are known historically, their literature is not exhaustive mainly due to the vulnerability of P–C(O) bonds toward nucleophilic substitution reactions. However, there is a renewed interest in the synthesis of acyl phosphines and di (acyl) phosphines, recently. Among the methods available for the synthesis, most involve nucleophilic substitutions at carbonyl carbon by phosphorus nucleophile as a customary step. The examples of phosphines possessing two acyl groups (R(O)C–RP–C(O)R) are found more frequently in the literature of late, and most of them are cyclic in nature. The transition‐metal complexes of acyl phosphines and di (acyl) phosphines are moderately explored in literature. However, their catalytic applications are meager. In the current review, the details of syntheses, reactivity, structural features, and catalytic activities of acyl phosphines and bis (acyl) phosphines reported in the last three decades are discussed.