A remarkable growth in hypervalent iodine‐mediated oxidative transformations as stoichiometric reagents as well as catalysts has been well‐documented due to their excellent properties, such as mildness, easy handling, high selectivity, environmentally friendly nature, and high stability. This review aims at highlighting the asymmetric oxidative dearomatization reactions involving hypervalent iodine compounds. The present article summarizes asymmetric intra‐ and intermolecular dearomatization reactions using chiral hypervalent iodine reagents/catalysts as well as hypervalent iodine‐mediated dearomatization reactions followed by desymmetrization.