A convenient method for the mild dehydrogenation of β‐oxonitriles is presented. When treated with o‐iodoxybenzoic acid (IBX), a range of these compounds were transformed into their unsaturated counterparts. Furthermore, we show that the products of the dehydrogenation can react in situ, undergoing rapid hetero‐Diels–Alder reactions with enol ethers to give multiply substituted dihydropyrans. We also describe the dehydrogenation of cyclic β‐oxonitriles, which leads to the formation of substituted phenols.