A protocol for the asymmetric epoxidation of allylic alcohols has been established that employs VO(acac)2 as catalyst, the commercial achiral hydroxamic acid, N‐hydroxy‐N‐phenylbenzamide, and optically pure (+)‐norcamphor‐derived hydroperoxide as oxygen atom donor and chiral source. Variation of the reaction parameters has a significant effect on the level of asymmetric induction. Under optimized conditions, the epoxy alcohols have been isolated in good yields with up to 67 % ee and complete control of the diastereoselectivity. (© Wiley‐VCH Verlag GmbH & Co. KGaA, 69451 Weinheim, Germany, 2005)