Basic concept of phase transfer catalysis (PTC), specific features of this general methodology for executing organic reactions, and mechanism of catalytic action of PT catalysts are presented. Scope and limitations of application of PTC as a general tool of organic synthesis and advantages offered by this methodology are discussed. These discussions are illustrated by numerous examples of successful use of PTC in a variety of reactions of inorganic anions (substitution and addition reactions, β‐eliminations, oxidations, and reductions), heteroanions, and particularly carbanions (reactions with alkylating agents, carbonyl groups, activated carbon‐carbon multiple bonds, electrophilic arenes, heteroatom electrophiles) and carbenes. Possibility of use of PTC for reactions of metalloorganic compounds and complexes and for enantioselective reactions is discussed.