Most homogeneous catalysts have higher selectivity but lower rates tha
n heterogeneous catalysts in gas-phase reactions. An ideal catalyst wo
uld have the best of both worlds, high selectivity and high rates whic
h may be possible with homogeneous catalysts in supercritical fluids r
ather than liquid solvents. These fluids are compressed gases heated p
ast their critical point. Preliminary results have confirmed that incr
eased rates and selectivities can be obtained because of several unusu
al properties of supercritical fluids: high solubility of reactant gas
es, rapid diffusion between phases, and possibly weaker solvation of t
he catalyst. This review will describe research on organic reactions a
nd homogeneous catalysis in supercritical fluids, with emphasis on sup
ercritical carbon dioxide and water as reaction media.