Currently, the construction of new carbon-carbon bonds and value-added structures in an atom- and step economical manner has become a continuous pursuit in the synthetic chemistry community. Since the first transition-metal-catalyzed hydroformylation of ethylene was reported by Otto Roelen in the 1930s, impressive progress has been achieved in the carbonylative functionalization of unsaturated C-C bonds. In contrast to alkenes, the carbonylative functionalization of alkynes offers tremendous potential for the construction of multisubstituted carbonyl-containing derivatives because of their two independently addressable π-systems. This review provides a timely and necessary investigation of transition-metal-catalyzed carbonylative mutifunctionalization of alkynes with the exclusion of carbonylative hydrofunctionalizations. Different transition metals including palladium, rhodium, iridium, ruthenium, iron, copper, etc. were applied to the development of novel carbonylative transformation. Various C-C, C-N, C-O, C-S, C-B, C-Si, and carbon-halogen bonds were formed efficiently and give the corresponding tri- or tetrasubstituted α,β-unsaturated ketones, diesters, and heterocycles.