Spin‐inversion mechanisms in O2 binding to a model heme complex, consisting of Fe(II)‐porphyrin and imidazole, were investigated using density‐functional theory calculations. First, we applied the recently proposed mixed‐spin Hamiltonian method to locate spin‐inversion structures between different total spin multiplicities. Nine spin‐inversion structures were successfully optimized for the singlet–triplet, singlet–quintet, triplet–quintet, and quintet–septet spin‐inversion processes. We found that the singlet–triplet spin‐inversion points are located around the potential energy surface region at short Fe–O distances, whereas the singlet–quintet and quintet–septet spin‐inversion points are located at longer Fe–O distances. This suggests that both narrow and broad crossing models play roles in O2 binding to the Fe‐porphyrin complex. To further understand spin‐inversion mechanisms, we performed on‐the‐fly Born‐Oppenheimer molecular dynamics calculations. The reaction coordinates, which are correlated to the spin‐inversion dynamics between different spin multiplicities, are also discussed.