In this review, we attempt to answer the question: how can we construct complex functionalized molecules with significant added value from cheap and readily available alcohols in the simplest and most efficient manner? Accordingly, recent developments (mainly from the last five years) in the field of one‐pot multiple transformations of alcohols are overviewed in terms of process simplification and optimization; sustainability; and atom, bond, step, and redox economy. Particular attention is paid to chemo‐ and stereoselective transformations with specific formation of particular bonds and configurations, leaving other parts of substrates unchanged.