Glycolide and lactide function as the commonly used diester monomers for the preparation of high-molecular weight, degradation-prone (co-)polyesters. Both glycolide and lactide-based polymers are widely used in medicine, pharmaceuticals, the food industry, and additive technologies. This review on the diesters, spanning research from 1833-1854 to the present, encompassing their structural peculiarities, physico-chemical properties, and the range of different methods for obtaining themincluding reaction mechanismsfrom lactic and glycolic acids, their esters, and halogen derivatives. The review also discusses the chemical transformations of lactide and glycolide (apart from ring-opening polymerization) into valuable organic and high-molecular compounds, such as acrylic acid, nitrogen-containing heterocycles, and functional polymers with novel properties.