The catalysis by dirhodium paddlewheel complexes has been an area of immense interest and extensive study over the past three decades - not only because most of the catalysts are highly stable to heat, moisture and ambient atmosphere but also for the asymmetric induction in the ylide generation. In this review, we attempt to provide an overview on the general preparation method for most homogeneous chiral dirhodium(II) catalysts that have appeared to date and their recent applications in asymmetric catalysis with iodonium ylides as carbenoid precursors.