Multiwavelength observations provide a unique probe of the extreme physical environments surrounding compact binary systems, offering insights into accretion, outflows, and high-energy emission processes. In particular, X-ray observations, combined with complementary observations at other wavelengths, are essential for understanding these systems. Beyond their intrinsic importance, X-ray binaries play a fundamental role in shaping the interstellar medium through energetic feedback, tracing recent star formation, and serving as the evolutionary progenitors of compact-object mergers observed through gravitational waves. This talk will present recent progress on several observational studies spanning X-ray and multiwavelength investigations of compact binary systems. It will highlight results from coordinated observations of the accreting millisecond X-ray pulsar SAX J1808.4-3658 during its recent outburst, including timing and variability studies across the electromagnetic spectrum. New spectroscopic and X-ray analyses of the transient source ZTF J1838 will also be discussed, providing insights into its physical nature and evolutionary history. Finally, the presentation will provide a brief overview of other ongoing research projects, successful observing proposals, and future observational programs aimed at advancing our understanding of compact objects and their broader astrophysical impact.