The complex is commercially available but can also be generated by the dissolution of diborane in THF. Alternatively, it can be prepared by the oxidation of sodium borohydride with iodine in THF.
The complex can reduce carboxylic acids to alcohols and is a common route for the reduction of amino acids to amino alcohols (e.g. valinol). It adds across alkenes to give organoboron compounds that are useful intermediates. The following organoboron reagents are prepared from borane-THF: [[9-Borabicyclo(3.3.1)nonane|9-borabicyclo[3.3.1]nonane]], Alpine borane, diisopinocampheylborane.  It is also used as a source of borane (BH) for the formation of adducts.