Dynamic kinetic resolution (DKR) is an attractive process for the transformation of racemic mixtures into optically active compounds. For successful DKR, efficient racemization is required while the kinetic resolution is proceeding. This Microreview mainly summarizes the recent developments in the DKR of alcohols and amines, based on metal-catalyzed racemization and enzymatic acylation in a single reaction vessel. Related reactions involving precursors of alcohols and amines such as ketones, enol acetates, and ketoximes are also described. Reaction conditions are arranged according to racemization catalysts, and substrates employed in the DKR are tabulated. Suggested mechanisms for metal-catalyzed racemizations are also summarized.