Strategic reactions in synthetic organic chemistry are those that increase the molecular complexity of the starting material. Particularly important are the transformations where new carbon–carbon bonds are formed. Although during a ring contraction the number of carbon–carbon bonds is conserved, the reorganization of the skeleton may occur with a high level of selectivity leading to a product not easily accessed by other methods. Even highly strained systems can be obtained using the Favorskii and Wolff rearrangements. Additionally, a ring contraction approach opens new applications for the chiral pool and for readily available starting materials. This chapter presents ring contraction reactions as an efficient tool in the stereoselective synthesis of biologically active natural products. The reactions discussed are Favorskii rearrangement, oxidative rearrangements, Wolff rearrangement, thermolysis of aryliodonium ylides, and rearrangements through cationic and radical intermediates.