The metathesis reaction between carbonyl compounds and olefins has emerged as a potent strategy for facilitating swift functional group interconversion and the construction of intricate organic structures through the creation of novel carbon–carbon double bonds. To date, significant progress has been made in carbonyl–olefin metathesis reactions, where oxetane, pyrazolidine, 1,3-diol, and metal alkylidene have been proved to be key intermediates. Recently, several reviews have been disclosed, focusing on distinct catalytic approaches for achieving carbonyl–olefin metathesis. However, the summarization of cyclization strategies for constructing aromatic heterocyclic frameworks through carbonyl–olefin metathesis reactions has rarely been reported. Consequently, we present an up-to-date review of the cyclization strategies in carbonyl–olefin metathesis, categorizing them into three main groups: the formation of monocyclic compounds, bicyclic compounds, and polycyclic compounds. This review delves into the underlying mechanism, scope, and applications, offering a comprehensive perspective on the current strength and the limitation of this field.