This paper provides a third update to the review of reversible deactivation radical polymerization (RDRP) achieved with thiocarbonylthio compounds (ZC(=S)SR) by a mechanism of reversible addition-fragmentation chain transfer (RAFT) that was published in June 2005 (Aust. J. Chem. 2005, 58, 379). The first update was published in November 2006 (Aust. J. Chem. 2006, 59, 669) and the second in December 2009 (Aust. J. Chem. 2009, 62, 1402). This review cites over 700 publications that appeared during the period mid 2009 to early 2012 covering various aspects of RAFT polymerization which include reagent synthesis and properties, kinetics and mechanism of polymerization, novel polymer syntheses, and a diverse range of applications. This period has witnessed further significant developments, particularly in the areas of novel RAFT agents, techniques for end-group transformation, the production of micro/nanoparticles and modified surfaces, and biopolymer conjugates both for therapeutic and diagnostic applications. The review discusses the mechanism of RAFT polymerization, the transfer constants, equilibrium constants, and the factors influencing the choice of RAFT agents. It also covers various RAFT-related processes, including cobalt-mediated polymerization, polymerization mediated by organotellurium, organobismuthine, and organostibine reagents, and the synthesis of RAFT agents. The review highlights the importance of RAFT polymerization in controlling polymerization processes, producing polymers with low dispersity, and applying these polymers in various fields such as cosmetics, optoelectronics, and biomedicine. The review also addresses the challenges and controversies surrounding the use of terms like 'living' and 'controlled' in describing RAFT polymerization and provides a comprehensive overview of the current state of RAFT polymerization research.This paper provides a third update to the review of reversible deactivation radical polymerization (RDRP) achieved with thiocarbonylthio compounds (ZC(=S)SR) by a mechanism of reversible addition-fragmentation chain transfer (RAFT) that was published in June 2005 (Aust. J. Chem. 2005, 58, 379). The first update was published in November 2006 (Aust. J. Chem. 2006, 59, 669) and the second in December 2009 (Aust. J. Chem. 2009, 62, 1402). This review cites over 700 publications that appeared during the period mid 2009 to early 2012 covering various aspects of RAFT polymerization which include reagent synthesis and properties, kinetics and mechanism of polymerization, novel polymer syntheses, and a diverse range of applications. This period has witnessed further significant developments, particularly in the areas of novel RAFT agents, techniques for end-group transformation, the production of micro/nanoparticles and modified surfaces, and biopolymer conjugates both for therapeutic and diagnostic applications. The review discusses the mechanism of RAFT polymerization, the transfer constants, equilibrium constants, and the factors influencing the choice of RAFT agents. It also covers various RAFT-related processes, including cobalt-mediated polymerization, polymerization mediated by organotellurium, organobismuthine, and organostibine reagents, and the synthesis of RAFT agents. The review highlights the importance of RAFT polymerization in controlling polymerization processes, producing polymers with low dispersity, and applying these polymers in various fields such as cosmetics, optoelectronics, and biomedicine. The review also addresses the challenges and controversies surrounding the use of terms like 'living' and 'controlled' in describing RAFT polymerization and provides a comprehensive overview of the current state of RAFT polymerization research.