Complex oxides with $4d$ and $5d$ transition-metal ions recently emerged as a new paradigm in correlated electron physics, due to the interplay between spin-orbit coupling and electron interactions. For $4d$ and $5d$ ions, the spin-orbit coupling, $zeta$, can be as large as 0.2-0.4 eV, which is comparable with and often exceeds other relevant parameters such as Hunds coupling $J_{rm H}$, noncubic crystal field splitting $Delta$, and the electron hopping amplitude $t$. This gives rise to a variety of spin-orbit-entangled degrees of freedom and, crucially, non-trivial interactions between them that depend on the $d$-electron configuration, the chemical bonding, and the lattice geometry. Exotic electronic phases often emerge, including spin-orbit assisted Mott insulators, quantum spin liquids, excitonic magnetism, multipolar orderings and correlated topological semimetals. This paper provides a selective overview of some of the most interesting spin-orbit-entangled phases that arise in $4d$ and $5d$ transition-metal compounds.
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