Excellent yields and enantioselectivities were achieved for the palladium‐catalyzed asymmetric allylic alkylation of vinylogous thioesters. The close‐to‐neutral reaction conditions ensure that this reaction can tolerate a wide range of functionalities. Furthermore, this approach provides a convenient protocol for the synthesis of synthetically important α,α‐ and γ,γ‐disubstituted cycloalkenones.