Transfer hydrogenation using inexpensive and safe hydrogen sources of alcohols and formic acid has been studied thoroughly over the decades. In particular, the asymmetric version offers the state-of-the-art methods to obtain optically active alcohols and amines, which are valuable synthetic intermediates in the field of pharmaceutical and agrochemical industry. This digest paper highlights the recent notable advances in homogeneous transfer hydrogenation using transition metal complexes, especially in direction to establish practical greener processes by upgrading the catalyst performance or by expanding the scope of reducible functional groups.