Rare earth compounds of the type [Formula: see text] (R = rare earth; T = Rh, Ir, and X = Si, Ge, Sn) display a variety of phase transitions towards exotic states, including charge density waves (CDW), local moment magnetism, antiferromagnetism in the heavy fermion state, superconductivity and giant positive magnetoresistance. They support strongly correlated electron systems. In particular, R 5Ir4 [Formula: see text] (R = Dy-Lu) exhibit strong coupling CDWs with high transition temperatures, and superconductivity or magnetic ordering at lower temperatures. [Formula: see text] [Formula: see text] (R = Gd-Tm; T = Co, Rh, Ir) show multiple magnetic transitions with large magnetoresistance below the magnetic transitions. Finally, the light rare earth series [Formula: see text] [Formula: see text] (R = Ce, Pr, Nd; T = Rh, Ir) display heavy fermion behaviour (for Ce and Pr) or possess giant positive magnetoresistance (for Nd) at low temperatures. This review provides a comprehensive overview of compounds, crystal structures and phase transitions. This is followed by an in-depth discussion of the mechanisms of the phase transitions and the properties of the ordered states.