The tandem dehydrogenation and aldol condensation of butanol with furfural was investigated over homogeneous and heterogeneous catalysts using kinetics and isotope effects. In the homogeneous system, Ni(dppe)Cl2 catalyzes the transfer dehydrogenation of butanol to the furfural, whereas the aldol condensation of butyraldehyde and furfural takes place over the basic K2CO3 cocatalyst. In the heterogeneous system, a transition‐metal‐free mixed Mg–Al oxide, both the transfer hydrogenation and aldol condensation take place over the basic sites of the catalyst, and the rate‐determining step is the alpha‐hydride transfer from the butanol to the furfural.