In situ generated catalysts and preformed catalysts are two practical strategies widely used in cross-coupling methodology that have long been considered to involve the same active species in the catalytic cycle. Recent mechanistic studies have revealed two fundamentally different pictures of catalytic reactions in solution. Preformed catalysts with strongly bound ligands initiate transformations mainly involving single type of metal species. In contrast, in situ generated catalysts give rise to cocktail-type systems with different metal species presented in solution. The role of catalyst precursor, interconversions of catalytic species during reaction, stability and recycling of catalyst, catalysis by autocatalyst exhaust and plausible sources of metal-containing contaminants are the key points discussed in this review.