The advent of two-dimensional transition metal dichalcogenides (2D-TMDs) has led to an extensive amount of interest amongst scientists and engineers alike and an intensive amount of research has brought about major breakthroughs in the electronic and optical properties of 2D materials. This in turn has generated considerable interest in novel device applications. With the polymorphic structural features of 2D-TMDs, this class of materials can exhibit both semiconducting and metallic (quasi-metallic) properties in their respective phases. This polymorphic property further increases the interest in 2D-TMDs both in fundamental research and for their potential utilization in novel high-performance device applications. In this review, we highlight the unique structural properties of few-layer and monolayer TMDs in the metallic 1T- and quasi-metallic 1T'-phases, and how these phases dictate their electronic and optical properties. An overview of the semiconducting-to-(quasi)-metallic phase transition of 2D-TMD systems will be covered along with a discussion on the phase transition mechanisms. The current development in the applications of (quasi)-metallic 2D-TMDs will be presented ranging from high-performance electronic and optoelectronic devices to energy storage, catalysis, piezoelectric and thermoelectric devices, and topological insulator and neuromorphic computing applications. We conclude our review by highlighting the challenges confronting the utilization of TMD-based systems and projecting the future developmental trends with an outlook of the progress needed to propel this exciting field forward.