Ring‐opening polymerization (ROP) is a versatile synthetic method used to produce polymers from cyclic monomers, particularly oxacyclic monomers such as lactones and cyclic ethers. Oxacyclic monomers polymerize with anionic or cationic initiators. For selected monomers, such as glycidol, β‐butyrolactone and higher lactones, methods, and mechanisms of polymerization are presented, the understanding of which has allowed control of these processes. The use of appropriate polymerization techniques and methods, as well as conducting the copolymerization, mainly block copolymerization, makes it possible to control the architecture, molar mass, and end groups of the resulting polymers. These parameters determine the properties of macromolecules, such as solubility, ability to aggregate in aqueous solutions, thermoresponsiveness, and degradability. By carefully selecting monomers, catalysts, and polymerization conditions, ROP strategies can be tailored to produce polymers with precise molecular structures and desired properties for a wide range of applications. This review mainly focuses on precisely controlled syntheses that lead to well‐defined macromolecules consisting mostly of polyether and/or polyester chains.