Propargylic alcohols serve as versatile building blocks in synthetic organic chemistry and utilized as starting materials in many useful transformations. These transformations include the synthesis of conjugated‐aldehydes, ketones, esters, amides, silylketones, enynes, and enynones. A large number of metal complexes, based on Ti, V, Mo, W, Re, Ru, Ni, Pd, Cu, Ag, and Au have been identified to functionalize the propargylic alcohols. Until recently, however the potential of activated propargylic alcohols remained underexploited due to difficulties in preparation and isolation. Despite, the highly nucleophilic alkyne functional moiety along with oxygen atom at 3‐position, drew the attention of researchers to develop the versatile synthetic transformations. Based on literature reports, this review summarizes the recent advancement and potential applications of activated propargylic alcohols.