Heterodimetallic systems are the most interesting among the heteropolynuclear compounds. The importance of these molecules is mainly due to their catalytic properties. Although various types of heterodimetallic systems are known the framework with a M–O–M′ arrangement is of particular importance. This stems from its ability to catalyze various transformations. The improved catalytic ability is due to the oxygen bridge that makes the metal centres more electrophilic which is an essential criteria for a system to function as a catalyst. Therefore, the present article focuses on the synthesis of the M–O–M′ system and explores the application of such materials as catalysts in olefin polymerization, ring opening polymerization of caprolactone, olefin epoxidation, and olefin hydroformylation reactions.