1,2-Diphenyl-1,2-dicarba-closo-dodecaborane is primarily used in the field of materials science, particularly in the development of boron-based polymers and advanced materials. Its unique structure makes it valuable for creating heat-resistant and chemically stable compounds, which are essential in high-performance applications such as aerospace and automotive industries.

Additionally, it serves as a precursor in the synthesis of boron-containing organic molecules, which are explored for their potential in pharmaceuticals, agrochemicals, and drug delivery systems to enhance solubility and stability of therapeutic agents.

The compound is also investigated for its role in neutron capture therapy, a treatment for certain types of cancer, due to the neutron-absorbing properties of boron. Furthermore, it is studied in catalysis to improve chemical reaction efficiency in industrial processes, hydrogen storage materials leveraging its hydrogen-binding capabilities, and nanotechnology for creating specialized nanostructures in electronics and high-precision sensors.