In the presence of a catalytic amount of a rhodium(I) complex, allenenes undergo cycloisomerization reactions resulting in the selective formation of exo-alkylidenecarbocycles and heterocycles. In the catalytic system of rhodium complexes with triaryl phosphites, cyclic 1,4- or 1,5-dienes are formed in good to excellent yields in the formal exo-cyclization mode via the metallacycle intermediate having an exo-alkylidene moiety. In this cycloisomerization, (E)- and (Z)-allenenes are transformed stereospecifically to the corresponding cyclic (E)- and (Z)-1,4-dienes, respectively. On the other hand, the reactions under carbon monoxide atmosphere exclusively afford seven-membered-ring products through an endo-mode cyclization. The unusual cyclization involves an allylic C-H activation process. The allenene bearing a silicon substituent at the olefinic terminus incorporates carbon monoxide to give the corresponding [2+2+1] cycloaddition product. This result apparently indicates that the catalysis of the rhodium complex is explained in terms of the oxidative cyclization of an allenene to furnish the key exo-alkylidene metallacycle intermediate at the first stage of the catalysis.