The quasi-metallic 1T'-phase is one of the notable polymorphic two-dimensional transition metal dichalcogenide phases and possesses a unique structure, comprising a one-dimensional zigzag transition metal chain along a single axis. This structure gives rise to unprecedented anisotropic electronic properties, including new anisotropic mid-infrared plasmon excitations. The emergence of highly correlated electronic modes in such anisotropic systems is relevant to the intrinsic electronic and optical properties of two-dimensional transition metal dichalcogenides. In this review, we highlight the unique features of these materials in their anisotropic quasi-metallic 1T'-phase, not found in the other structural phases. We discuss how this anisotropic structure brings about the onset of unique physical phenomena such as the electronic band inversion, anomalously large magnetoresistance, and intrinsic or induced superconductivity in multiple transition metal dichalcogenide systems. The unique structural properties of these systems have led to spatially resolved transport and optical properties that can be further manipulated for use in a wide variety of applications ranging from nano-electronics to ultra-sensitive photonic systems but also their incorporation in high performance field-electric transistors, photodetectors, hydrogen evolution reactions, and piezoelectric devices cater to technologies of the future.