Corroles display distinctive structural, spectroscopic, and photophysical properties, as well as some exceptional chemical reactivities that are not shared by other molecules. In addition, low-valent metal complexes are extremely reactive when chelated by corroles and the opposite holds for the high-valent counterparts. One aim of this account is to provide a thorough understanding of the underlying principles that govern these phenomena, while the other goal is to demonstrate how these features may be used advantageously for utilization of corroles and their corresponding metal complexes in applications for which they could display superior performances. The main examples that are emphasized regarding the above respect are catalysis, imaging, and aspects relevant to drug development.