The chemistry of propargyldicobalt cations, also known as the Nicholas reac
tion, is reviewed, with a focus on the developments since 1995. Advances in
the understanding of the fundamental properties, such as structure, stabil
ity, and reactivity, of both the hexacarbonyl complexes and those bearing o
ther ligands are discussed. All reactions involving propargyl cation dicoba
lt complexes are covered, including those stemming from ionization of propa
rgylic leaving groups and those created by electrophilic addition to enyne
complexes. Migration reactions involving either initiation or termination b
y propargyl cation complexes are included, as are the generation and reacti
ons of propargyldicobalt radicals. Cyclization reactions employing these ca
tions have received much attention, in cases with the alkynedicobalt unit l
ocated in both exocyclic and endocyclic positions, and these reports are de
scribed. Particular attention is paid to preparation of medium ring cycloal
kyne complexes and their heterocyclic analogues. In addition, there is disc
ussion of the progress in the in selectivity of these reactions, especially
in terms of introduction of asymmetry at the propargylic site. Finally, re
cent applications of Nicholas reaction chemistry in the synthesis of natura
l products and related compounds are reported.