aza-Michael addition of N-substituted phosphoramidates to enones generates aza-Michael adducts which undergo intramolecular reductive cyclization with (R)-alpine borane to afford 1,2,4-trisubstituted azetidines in a one-pot procedure. These optically active products are obtained in good to high yields (67–93%) with excellent stereocontrol (78–96% ee) from a vast variety of enones.