Strong electron-electron correlations and lattice frustration are two physical interactions that pose serious challenges to condensed matter physics. A variety of exotic physical phenomena, for example, charge ordering, spin liquid, and unconventional superconductivity, are believed to arise from the interplay of the two interactions. In this dissertation, I examine two families of systems which exhibit both electron-electron correlations and lattice frustration – charge transfer solids and layered cobaltates. The half-filled band Hubbard model on the triangular lattice has been proposed by mean-field theories as the minimal model for the superconductivity in the charge transfer solids. In the first part of this dissertation, by using exact calculations, I prove the absence of superconductivity in this model. This result calls for a new theoretical approach to describe the rich physics in charge transfer solids. In the second part of this dissertation, I study charge transfer solids by focusing on its real bandfilling ¼. I show that a new kind of insulating phase, paired electron crystal, emerges from antiferromagnetism as the frustration is increased. The paired electron crystal state can explain the various insulating states adjacent to the superconducting state, thus provides a new avenue towards the understanding of the unconventional superconductivity in charge transfer solids and other ¼ filled systems. In the third part of this dissertation, I investigate the carrier concentration-dependent electronic behavior in layered cobaltates. I provide a natural yet simple explanation for this behavior. I show that it can be described within correlated-electron Hamiltonians with finite on-site and significant nearest neighbor hole-hole Coulomb repulsions. I also point out the similarities between organic charge transfer solids and layered cobaltates, which may involve superconductivity.