We review theoretical work in the field of ‘Coherent Control’, whose essence is the use of quantum interferences between indistinguishable competing pathways to enhance one (chemical) product in preference to all others. We explain the principles of bichromatic and polychromatic control, pulse shaping, and the use of one‐ versus three‐photon interferences to control branching ratios. As an example of coherent control, we show how it may be used to convert racemic mixtures to samples containing the pure enantiomer of choice. We also show that the handedness of a molecular system is determined by the phase of incident light fields, thus highlighting a deep connection between the quantum mechanical phase, reflecting the spatiotemporal history of the combined light–matter system, and the handedness.