Chalcones are a fascinating and well‐studied group of organic molecules. Synthesis of chalcones has been one of the essential areas of organic synthesis over the last few decades because of their immense therapeutic and excellent photophysical properties. Furthermore, these chalcone derivatives can be utilized to make a variety of heterocyclic compounds, especially five‐ and six‐membered heterocycles. Heterocyclic compounds have a long history in chemistry, primarily in pharmaceuticals. However, synthesizing some specific heterocyclic molecules remains challenging and requires multistep processes with few possible intermediates. Chalcones can be considered as one of the most useful, readily available intermediates in heterocyclic synthesis. Herein, the synthesis of various potential heterocyclic compounds using chalcones as an intermediate is elaborated. This review shows the untapped potential of chalcones in organic synthesis. Also, it will assist the chemist in designing new heterocycles by adopting these strategies.