Recent development of conceptually new chiral bifunctional transition metal based catalysts for asymmetric reductive transformations is described. The chiral bifunctional molecular catalyst promoted reduction is now realized to be a powerful tool to access chiral compounds in organic synthetic procedures in both academia and industry. Based on structural investigation of the actual catalyst and its intermediates and a deep understanding of the reaction mechanism, this asymmetric reduction system can be widely used to produce valuable chiral alcohols and is now is applicable to commercial scale production.