2‐Indolylmethanols have been recently involved in several processes dealing with indole functionalization. These compounds, upon activation by Brønsted or Lewis acids, generate a bidentate electrophilic system amenable to react at the 3‐position or at the benzylic site with a wide range of nucleophilic reagents. The functionalization pattern is affected by the nature of the substituents at the carbinol unit and also depends on the nature of the nucleophile used. Nucleophilic reactants bearing a remote electrophilic site in their structure can be involved in a further ring closure ultimately leading to polycyclic derivatives. This review article summarizes some fundamental aspects of the chemistry of 2‐indolylmethanols with particular attention to those related to asymmetric synthesis.