Here we report a protocol for the preparation of 1,4‐diketones from 1,2‐disubstituted cyclobutanols based on their ring‐opening oxidation with molecular oxygen. The reaction proceeds under manganese catalysis in the presence of 1,10‐phenanthroline ligand and leads to the target product along with minor 4‐hydroxyketone that can be oxidized with Dess‐Martin periodinane in the same reaction vessel. Substrates with alkyl and aryl substituents including those bearing functional groups were successfully engaged in the reaction.