The content of this thesis is presented into four parts. The first part mainly focuses on describing the electronic structure of phosphaalkenes and their synthesis. Phosphaalkenes prepared as a part of this thesis were synthesized using phospha-Wittig reagents in the reaction with suitable aldehydes. Phospha-Wittig reagents have been discussed in detail in the second chapter. The last two chapters comprises of the selected examples to illustrate the strong π accepting properties of phosphaalkene ligands in coordination chemistry and late transition metal catalysis