Tetronic acid, a versatile synthon, has been extensively investigated by numerous researchers in synthetic chemistry due to its crucial role in synthesizing heterocycles which makes this compound particularly advantageous in both pharmaceutical and biological fields. Various heterocycles can be synthesized using it as a precursorviamulticomponent reactions (MCRs). Dicarbonyl groups can be considered the building blocks and key structural motifs of a wide range of natural compounds, which may contain different functional groups in the synthesis of heterocyclic frameworks. This review covers the literature from 2017 to 2022, and it encompasses the different one-pot protocols for synthesizing a variety of heterocyclic molecules.