Organocatalyzed highly stereoselective 1,4‐thia‐Michael addition of mercaptans to linear 2,4‐dienones and 2‐en‐4‐ynones was developed using Cinchona alkaloid‐based squaramides. Application of only 0.5–1 mol % loading afforded products in up to 98:2 e.r. and above 99:1 after a single recrystallization. The adducts of allyl mercaptan can be conveniently further transformed to new chiral 2‐substituted 2,5‐dihydrothiophenes by ring‐closing metathesis.