Phosphonium salts have gained significant importance in the rapid construction of biologically active natural and synthetic heterocyclic and carbocyclic scaffolds. This review summarizes recent advances in the catalytic applications and reagent‐based studies of phosphonium salts from 2010 to 2024. Each scheme highlights the characteristic substrates, corresponding final products, and the required reaction conditions. Additionally, key phosphonium‐catalyzed reactions, including alkylation, allylation, arylation, Wittig reaction, annulation, indole synthesis, thiophene and furan synthesis, and carbonyl compound preparation, are discussed in terms of their scope, classification, and plausible mechanisms. Over the past decade, phosphonium salts have consistently demonstrated their versatility in chemical transformations through modifications in catalytic systems.