An efficient and highly selective Yb(OTf) 3 -catalyzed direct substitution of the hydroxy group at the allylic and propargylic positions with a variety of heteroatom-and carbon-centered nucleophiles, such as alcohols, thiols, amines, amides and active methylene compounds has been developed. The advantages of the present catalytic system are wide availability of the starting materials, especially for tolerance to thiols, no need for dried solvents and additives, mild conditions, short time of reaction, simple manipulation and environmentally friendly catalyst that can be recovered and reused at least ten times without significant reduction of activity.