This review article epitomize the different synthetic approaches to synthesize α,β‐chalcone dibromide and their application in developing chemically and biologically relevant heterocyclic compounds. The transformation of α,β‐chalcone dibromide into aziridines, pyrazolines, pyrazoles, isoxazoles, pyridine, pyrimidine, flavanoids, diazepines and other heterocyclic compounds has been described briefly in different categories to highlight the importance of these α,β‐chalcone dibromide as key intermediate in organic chemistry. Stereoselective debromination of α,β‐chalcone dibromides with various metal‐containing reducing agents, metal‐metal salt system, ionic liquid, solvents and photoredox catalyst to their corresponding chalcones is also described.