Nickel‐catalyzed multicomponent coupling of carbonyl compounds with alkynes or 1,3‐dienes and organometallic reagents represents an efficient route to allylic, homoallylic, and bishomoallylic alcohols with good regio‐, stereo‐, and enantioselectivity. The reaction proceeds via the nickelacycle species I or I′ (see scheme), and not by the usual alkenylation, allylation, and homoallylation of carbonyl compounds.