Diacetoxyiodobenzene (PhI(OAc)2), commonly referred to as DAIB or phenyliodine(III) diacetate (PIDA), is one of the most frequently used hypervalent iodines employed as an oxidizing agent in organic chemistry. In this review, PIDA is highlighted exclusively in relation to its applications in organic synthesis involving heterocyclic ring formations and is critically and in‐depth examined from the summer of 2015 to the present with a specific focus on the mechanistic pathway.