Ever since the discovery and development of polyoxometalates (POMs), it has been known that they can exist in electron-rich reduced forms of different archetypes, structural flexibilities and functionalities. There are now reliable synthetic strategies for electron-rich POMs — materials that have unique and potentially useful catalytic, electronic and magnetic properties. This Review covers the synthesis and applications of these reduced species, and also highlights their differences and advantages relative to fully oxidized POMs. More than 200 reduced POM structures are described in this Review, with emphasis placed on how reduction influences POM structure, function and properties.