Platinum group metal homogeneous catalyst is a kind of metal complex with special structure. It has the functions of homogeneous catalytic hydrogenation, carbonyl addition, acylhydrogenation, olefin oxidation, C-C synthesis and so on. It has been widely used in modern chemistry and pharmaceutical industry. The catalytic mechanism involved mainly includes oxidation addition, intramolecular weight arrangement, ligand migration and insertion, reduction elimination. This paper introduces and discusses the history, application, catalytic mechanism and recent progress of platinum group metal homogeneous catalysts.