N-heterocyclic carbenes (NHCs) are ubiquitous ancillary ligands employed in metal-catalyzed homogeneous reactions and polymerization reactions. Of significance is the use of NHCs as the supporting ligand in second- and third-generation Grubbs catalysts for their application in olefin metathesis and ring-opening metathesis polymerization. While the applications of transition metal catalysts ligated with NHCs in polymerization chemistry are well-documented, the use of analogous rare earth (Ln = Sc, Y, La, Ce, Pr, Nd, Pm, Sm, Eu, Gd, Tb, Dy, Ho, Er, Tm, Yb, and Lu) catalysts in this area remains under-developed, despite the unique role of rare earth elements in regio- and stereo-specific (co)polymerization reactions. By using hetero-atom-tethered chelating NHCs and, more recently, the employment of other structurally related NHCs, NHC-ligated Ln complexes have proven to be promising and fruitful catalysts for selective polymerization reactions. This review summarizes the recent developments in the coordination chemistry of Ln complexes containing NHCs and their catalytic performance in polymerization.