Widely used as a catalyst precursor in homogeneous catalysis, particularly in olefin metathesis, hydrogenation, and transfer hydrogenation reactions. It serves as a starting material for synthesizing more complex ruthenium-based catalysts due to its labile cyclooctadiene ligands, which can be easily replaced. Commonly employed in the development of catalysts for C–C bond formation and in pharmaceutical synthesis where selective and efficient transformations are required. Also utilized in academic research to study reaction mechanisms involving ruthenium complexes.