The chemistry of 2‐C‐formyl‐glycals has witnessed tremendous growth over the last two decades. Functionalized compounds derived from 2‐C‐formyl‐glycals have found applications in organic synthesis, carbohydrate chemistry, medicinal chemistry, supramolecular chemistry, and materials chemistry. These advancements can be mainly attributed to the availability of a very simple and general procedure for the direct formylation of glycals by using the Vilsmeier–Haack reaction. The highly conjugated α,β‐unsaturated carbonyl functional group present in 2‐C‐formyl‐glycals provides opportunities for synthetic elaboration, which can lead to a variety of natural and unnatural compounds for varied applications. This review summarizes the recent developments in the synthesis and applications of these versatile chiral intermediates.