This Report highlights advances in some of the most commonly used oxidation and reduction reactions, focusing on the literature from 2005. Significant advances in oxidation chemistry include highly enantioselective vanadium-catalysed epoxidation of allylic alcohols; amine-catalysed asymmetric epoxidation of α,β-unsaturated aldehydes with hydrogen peroxide; and efficient enantioselective epoxidation of α,β-unsaturated esters. Amongst highlights in reduction chemistry are efficient new methods for enantioselective imine reduction with rhenium catalysis and organocatalysis; and the enantioselective reduction of N-aminopyridinium ylides.