Automotive three-way catalysts (TWCs) have represented over the last 25 years one of the most successful stories in the development of catalysts. The aim of this paper is to illustrate the technology for abatement of exhaust emissions by analysing the current understanding of TWCs, the specific role of the various components, the achievements and the limitations. The challenges in the development of new automotive catalysts, which can meet future highly demanding pollution abatement requirements, are also discussed.