Mitral valve regurgitation (MR) affects approximately 4 million people in the United States alone, increasing in prevalence with age. Approved by the Food and Drug Administration (FDA) in October 2013, percutaneous edge-to-edge transcatheter mitral valve repair (also known as the MitraClip system) has been used in over 40,000 patients globally. Additionally, there is keen interest and early exploration into the use of MitraClip for treatment of severe symptomatic tricuspid regurgitation, another undertreated disease with significant morbidity and mortality. In this manuscript, we aim to review the current indications, procedural details as well as emerging indications for this novel technology.