In this mini‐review, we have abstracted the syntheses of β‐hydroxy‐γ‐vinyl‐γ‐lactone and the different tactics and strategies adopted using this important building block in the synthesis of various natural products. Apart from this, the lactone in having a strategic vinyl bond was contemplated as allyl donor in Pd‐catalyzed allylic arylation and also in a cascade Prins‐Ritter reaction. This building block was visualized to be a desymmetrized 3,4‐dihydroxy‐hexyl unit providing orthogonal functional groups for various useful transformations. The active α‐position is available for alkylation, the γ‐vinyl bond, the lactone carbonyl and the β‐hydroxy groups add value to this building block for various possible conversions to natural products and beyond.