A novel copper‐catalyzed one‐pot functionalization of homopropargylic alcohols that involves trifluoromethylation, aryl migration, and formation of a carbonyl moiety has been developed. This reaction constitutes the first direct conversion of homopropargylic alcohols into CF3‐containing 3‐butenal or 3‐buten‐1‐one derivatives in a regioselective manner. Mechanistic studies indicate that the 1,4‐aryl