Flavones and isoflavones are recognized as privileged heterocyclic scaffolds for the preparation of bioactive compounds. Efficient methods to access these heterocycles are in urgent need. Herein, we report diversity-oriented synthesis of flavones and isoflavones from 3-iodochromones via palladium/norbornene cooperative catalysis. The success of this research relies on the use of a unique bridge-head ester modified norbornene derivative as the mediator. Salient features of this include readily available starting materials regarding 3-iodochromones, ortho-C-H arylating and alkylating reagents and ipso-terminating reagents, broad substrate scope, good chemoselectivity, good step-economy and scalability. A large number of structurally diversified flavones, isoflavones and 2,3-diarylated chromones can be quickly prepared in a predictable manner. As showcased by the efficient formal synthesis of umbralisib, this chemistry can be treated as another valuable addition to the toolbox of medicinal chemists.