A highly diastereoselective cascade annulation process of p‐quinols with β′‐acetoxy allenoate catalyzed by phosphine has been developed, which comes up with highly functionalized multiple ring‐fused hexahydroindeno furan derivatives in synthetically useful yields and creates three consecutive stereogenic carbon centers only in a one‐step manner. The salient features of this phosphine‐catalyzed cyclization include the use of p‐quinol's three active sites in this cascade reaction, wide substrate scope, excellent functional group tolerance, mild reaction conditions, asymmetric version, good yields, ease of scale‐up to gram scale, and further transformations.magnified image