Triphenylphosphine borane is primarily used as a stabilizing agent in organic synthesis, particularly for protecting sensitive intermediates during chemical reactions. It is widely employed in the reduction of organic compounds, where it acts as a mild reducing agent, ensuring selective reduction without affecting other functional groups.

In polymer chemistry, it serves as a catalyst or co-catalyst in polymerization processes, enhancing the efficiency of the reaction. It is also utilized in the preparation of organoboron compounds, which are valuable in cross-coupling reactions for creating complex organic molecules.

Additionally, it finds application in the synthesis of pharmaceuticals and agrochemicals, where its ability to stabilize reactive intermediates is crucial for producing high-purity compounds. Its role in hydrogen storage research is also notable, as it helps in the development of materials for efficient hydrogen release and uptake.