The three‐component [3+2+1] cycloaddition of epoxides, imines, and carbon monoxide to produce 1,3‐oxazinan‐4‐ones has been developed by using [HCo(CO)4] as the catalyst. The reaction occurs for a wide variety of imines and epoxides, under 60 bar of CO pressure at 50 °C, to produce 1,3‐oxazinan‐4‐ones with different substitution patterns in high yields, and provides an efficient and atom‐economic route to heterocycles from simple and readily available starting materials. A plausible mechanism involves [HCo(CO)4]‐induced ring‐opening of the epoxide, followed by sequential addition of carbon monoxide and the imine, and then ring closure to form the product accompanied by regeneration of [HCo(CO)4].