Molybdenum, vanadium and tungsten compounds are widely applied as analytical reagents for determination of numerous pharmacologically active substances and different biochemical parameters. Recent data from the available literature pointed to a very potent biomedical activity of compounds containing these trace elements. The present paper represents a survey on the structure and chemical properties of these compounds, as well as on their biological activity, mostly based on their interaction with cations of biomolecules, such as phospholipids and proteins. Besides, their potent inhibitory effects on cellular targets, bacterial and viral DNA and RNA polymerases will be discussed, as well. Numerous authors clearly demonstrated the antiviral (especially anti-HIV), anticoagulant and antineoplastic properties of the compounds containing the above trace elements. It has been also shown that these compounds act on some cellular enzymatic systems leading to the normalisation of blood pressure, blood glucose and serum lipid levels. Also, compounds of these trace elements represent potent antiobesity agents and express hepatoprotective and antioxidative stress activity.