A four‐component reaction between formyl‐substituted 2‐pyridones, aldehydes, amines, and activated alkenes has been developed. The resulting products are ring‐fused natural‐product‐like isoquinuclidines. Three carbon–carbon bonds, two carbon–nitrogen bonds, and four or five stereocentres are formed in the reaction with overall product yields in the range 23–67 %. In most cases a single diastereomer was obtained. An intramolecular version of the reaction yielded analogues of the multi‐ring‐fused natural product catharanthine in a single step.