This review covers Pd‐catalyzed abstracting and borrowing hydrogen transfers from alcohols to C=C, C=O, and C=N bonds. An abstracting hydrogen transfer implies a reaction in which an alcohol serves only as a hydrogen atom source, whereas in a borrowing hydrogen transfer the alcohol is part of the final product. Both transfer types involve a palladium monohydride or palladium dihydride, and are implicated in a variety of useful and safe one‐pot reactions such as the formation, with low quantities of waste material, of C–C, C–O, and C–N bonds. Plausible mechanisms are, as far as possible, provided.