Polyhedral carborane clusters have been widely used as suitable ligands to coordinate with transition metals to construct various metal complexes. Most of the studies are on either dicarbollide anion ([7-R1-8-R2-7,8-nido-C2B9]2−; R1,R2 = H, alkyl, aryl, etc.) or functionalized closo-carborane (1-R3-2-R4-1,2-closo-C2B10H10; R1,R2 = H or functional groups). Carborane-based ligands demonstrate varying coordinating models to form structurally unique metal complexes with interesting reactivity. This mini-review describes the syntheses and catalytic applications of the type complexes, specifically emphasizing their catalytic activity for olefin polymerization. Future perspectives in this area of research will also be discussed in this mini-review.