Carbonylation of olefins, alcohols and halides using homogeneous as well as heterogeneous catalysts has been discussed. Highlights of contributions on the activity, selectivity and stability of catalysts for carbonylation reactions are discussed. Kinetics and mechanism including characterization of the intermediate catalytic species has also been reviewed. The performance of anchored Pd complexes on mesoporous supports (MCM-41 and MCM-48), water soluble Pd complexes and supported Pd catalysts in carbonylation of aryl alcohols and olefins has been discussed in the context of catalyst-product separation. Some aspects of kinetic modelling and reaction engineering of these multiphase catalytic reactions have also been reviewed.