The perchlorate complexes of a series of half‐sandwich monoaqua cations Cp*Ir(A−B)(H2O)2+/+ with A−B = prol (D/L‐proline anion), picac (picolinic acid anion), R,R‐dach [(−)‐(1R,2R)‐1,2‐diaminocyclohexane], R,R‐dpen [(+)‐(1R,2R)‐1,2‐diphenylethylenediamine], phen (o‐phenanthroline), and bpy (2,2′‐bipyridine) (Cp* = η5‐pentamethylcyclopentadienyl anion) have been prepared and characterized. An X‐ray structure analysis of Cp*Ir(R,R‐dach)(H2O)(ClO4)2·H2O has revealed that the cation Cp*Ir(R,R‐dach)(H2O)2+ has a distorted pseudo‐octahedral coordination geometry. In the case of A−B = prol, crystallization from water led to the trinuclear complex [Cp*Ir(D‐prol)]3(ClO4)3, which has also been characterized by X‐ray structure analysis. The experimental data suggest that in aqueous solution the trinuclear proline complex dissociates to form the cation Cp*Ir(D‐prol)(H2O)+. The proton dissociation constants of the coordinated water in Cp*Ir(A−B)(H2O)2+/+ have been determined as pKa = 7.5 (A−B = bpy) and pKa = 7.1 (A−B = R,R‐dach and picac). Substitution of the water in Cp*Ir(A−B)(H2O)2+/+ by the monodentate ligands L = py (pyridine), DMS (dimethyl sulfide), TU (thiourea), and monodentate anions according to the Equation Cp*Ir(A−B)(H2O)2+/+ + L → Cp*Ir(A−B)L2+/+ + H2O has been studied by multi‐wavelength stopped‐flow spectrophotometry in aqueous solution at I = 0.2 M. This kinetic investigation, carried out at different concentrations, temperatures, and pressures, showed that the process obeys second‐order kinetics, where rate = kL[Cp*Ir(A−B)H2O2+/+][L]. The magnitude of the second‐order rate constant kL depends on the nature of both A−B and L. The data for kL have been found to range from 6.4 × 104 M−1s−1 (A−B = D‐prol; L = TU) to 10.5 M−1s−1 (A−B = bpy; L = py) at 298 K. The activation parameters for water substitution at Cp*Ir(A−B)(H2O)2+/+ (A−B = bpy, R,R‐dach, and picac) by L = TU have been evaluated. The activation volumes of ΔV≠ = +2.3, +7.4, and +7.3 cm3 mol−1, respectively, are supportive of an Id mechanism. The results regarding the kinetic lability of the coordinated water in the monoaqua cations Cp*Ir(A−B)(H2O)2+/+ are compared to those obtained for the triaqua cation Cp*Ir(H2O)32+.