Functionalized cyclic organic carbonates and related heterocycles have emerged as highly versatile heterocyclic substrates for ring‐opening and decarboxylative catalytic transformations allowing for the development of new stereo‐ and enantioselective C‒N, C‒O, C‒C, C‐S and C‒B bond formation reactions. Transition metal mediated conversions have only recently been rejuvenated as powerful approaches towards the preparation of more complex molecules. This minireview will highlight the potential of cyclic carbonates and structurally related heterocycles with a focus on their synthetic value and the mechanistic manifolds that are involved upon their conversión.