A unified approach to access the naturally occurring cyclic tetrapeptide JM‐47 and some of its structural variants from a common macrocyclic scaffold has been developed. The key reactions involved a difficult macrocyclization to access the scaffold, and its late‐stage diversification by cross‐metathesis to access the natural product as well as analogues. The synthesis proceeded in good overall yield and high stereochemical integrity. It also confirms the structure and configuration assigned to JM‐47.