The transition metal catalyzed ring-opening reactions of oxa/ azabenzonorbornadienes have emerged as one of the important methods for the synthesis of structural framework of biological importance bearing multiple functional groups. The reactions are catalyzed by transition metals such as Pd, Ir, Rh, Cu, Co, Pt, Ru, etc. Pioneered by Lautens et. al, it was realized that Lewis acids (LA) can play an important role in the ring-opening reaction and hence enhance both the reaction yield and stereo/regioselectivity of the products. They act as an activator/co-catalyst in the ring-opening reaction. In this review, we present an overview of the transition metal/Lewis acid co-catalyzed ring-opening reactions of oxa/azabenzonorbornadienes with different nucleophiles leading to the formation of different ring-opening products.