In 1899, Bayer and Vlliger showed that the oxidation of alicyclic ketones, menthone, tetrahydrocarvone, and camphor with permono‐sulfuric acid led to the formation of lactones. Further studies using a variety of ketones or aldehydes and hydrogen peroxide or peracids in various media have established that the oxidation is of wide applicability. The oxidation, the Baeyer‐Villiger reaction, is the subject of this review. As the oxidation normally employs mild conditions, gives reasonable yields, and shows a high degree of selectivity, it has proved useful in a variety of both synthetic and degradative studies. Recent investigations have led to a better definition of favorable experimental conditions and have extended the scope of the reaction.