Bicyclic/tricyclic olefins have gathered considerable attention among the synthetic organic community owing to their highly reactive bi‐ or tricyclic structure that imparts steric, torsional, and angular strains. The present article highlights the significant transformations of these strained olefins via transition metal‐catalyzed transformations using metal catalysts such as palladium, rhodium, ruthenium, iridium, rhenium, cobalt, and nickel. In this article, we have selected a few strained olefins such as diazabicyclic olefins, oxa/azabicyclic olefins, and bicyclic olefins derived from urea derivatives and have illustrated the construction of various carbo‐ and heterocycles from these strained moieties, and the mechanisms for their synthesis are also demonstrated for selected examples. Considering the significance of the synthesis of biologically relevant molecules and their prevalence in various natural products, pharmaceuticals, and agrochemicals, reactions such as cycloadditions, cyclizations, and couplings are important for high yields of the desired products which are otherwise difficult to achieve via traditional synthetic strategies.