Reported herein is the first rhodium‐catalyzed [4+2+1] cycloaddition of in situ generated ene/yne‐ene‐allenes and CO to synthesize challenging seven‐membered carbocycles fused with five‐membered rings. This reaction is designed based on the 1,3‐acyloxy migration of ene/yne‐ene‐propargyl esters to ene/yne‐ene‐allenes, followed by oxidative cyclization, CO insertion, and reductive elimination to form the final [4+2+1] cycloadducts. The possible competing [4+1], [4+2], and [2+2+1] cycloadditions were disfavored, making the present reaction an efficient way to access functionalized 5/7 rings.