A tunable strategy to prepare α,β‐unsaturated esters and α,β‐unsaturated‐γ‐keto esters in good to excellent yields was developed through copper‐catalyzed oxidative coupling of phosphorus ylides with alkenyl boronic acids under mild conditions. The reaction without water afforded α,β‐unsaturated esters, ketones, and amides while α,β‐unsaturated‐γ‐keto esters, 1,4‐α,β‐unsaturated diketones and α,β‐unsaturated‐γ‐keto amides were obtained when using 5.0 equiv. of water. H2O18 labeling experiments showed that water played an important role in the formation of α,β‐unsaturated‐γ‐keto esters. A plausible formation mechanism for α,β‐unsaturated esters and α,β‐unsaturated‐γ‐keto esters was proposed based on mechanistic studies. Phosphonium salts could also be used directly as coupling partners instead of phosphorus ylides. The reaction exhibited a broad substrate scope, good functional group tolerance, good regioselectivity, and diverse coupling products.magnified image