In this review, oxidation of diarylalkynes leading to functionalized benzils (di(het)aryl-1,2-diketones) is summarized. Some synthetic "one pot" transformations of internal arylalkynes leading to the construction of heterocycles are presented. 1. Introduction 2. Oxidation using inorganic reagents 2.1 I2, I + and NIS 2.2 Potassium permanganate (KMnO4) 2.3 Sulfur trioxide (SO3) 2.4 Potassium peroxymonosulfate (Oxone) 2.5 O2, h, MgBr2.Et2O 2.6 Cerium ammonium nitrate (CAN) 3. Metal-catalyzed oxidation of diarylalkynes 3.1 Palladium catalysts 3.2 Copper catalysts 3.3 Iron catalysts 3.4 Ruthenium catalysts 3.5 Gold catalysts 3.6 Mercury catalyst 4. Sequential-hydration-oxidation of diarylalkynes 5. Applications to the synthesis of heterocycles 5.1 "One-pot" access to heterocycles 5.2 Access to various heterocycles 6. Conclusions