Diphenylvinylphosphine is primarily used as a ligand in coordination chemistry, where it forms complexes with transition metals. These complexes are often employed in catalytic processes, particularly in hydrogenation and hydroformylation reactions, which are crucial in the synthesis of fine chemicals and pharmaceuticals. The compound's ability to stabilize metal centers and enhance catalytic activity makes it valuable in organic synthesis. Additionally, it is utilized in the development of organometallic compounds for use in materials science, including the creation of advanced polymers and coatings. Its unique structure also allows for applications in the study of reaction mechanisms and the design of new catalytic systems.