An enantioselective synthesis of 2,4,5-trisubstituted tetrahydropyrans has been achieved in four steps from α,β-unsaturated ketones and dimethyl malonate by peptide-catalyzed asymmetric Michael addition and diastereoselective construction of tetrahydropyran rings by Kishi's reductive cyclization as key steps. A variety of α, β-unsaturated ketones were converted to the 1,4-products with high enantioselectivities (83-98% ee).