Dicarbonylcyclopentadienylcobalt has a variety of important properties and applications. It is an important organometallic catalyst that can be used in various organic synthesis reactions. Furthermore, it is a stable carbonyl ligand that can form coordination compounds with other metals. Dicarbonylcyclopentadienylcobalt can also be used as a magnetic material, an additive for lubricants, and a ligand for liquid crystal displays.