Neutral and cationic palladium complexes that bear pyridine ligands [i.e., pyridine (Py), 4‐ethylpyridine (4‐EtPy) and 2,4,6‐trimethylpyridine (2,4,6‐Me3Py)] have been isolated and characterized in solution by 1H and 13C{1H} NMR spectroscopy, cyclic voltammetry (CV) and in the solid state by elemental analysis and single‐crystal structure analysis. All palladium compounds have been scrutinized as a precursor to catalyze the aerobic oxidation of diols either in the presence or in the absence of an external base (i.e., K2CO3). As a result, the chemoselective production of the corresponding hydroxy ketones has been achieved. The bis‐cationic palladium complex of the formula [Pd(4‐EtPy)4](OTs)2 (OTs = p‐toluenesulfonate) [5b(OTs)2] emerged as the most promising precursor; it outperformed the neutral precursor that consisted of trans‐[Pd(OAc)2(4‐EtPy)2] (OAc = acetate) and 4‐EtPy [3b/2(4‐EtPy)] (2 mol‐equiv.). An operando high‐pressure (HPNMR) spectroscopic study with the precursor 5b(OTs)2 combined with the results obtained from catalytic reactions has provided insight into the catalytic mechanism that is operative in 5b(OTs)2‐catalyzed aerobic diol oxidation reactions.