Two dinuclear LnIII‐based clusters, namely [Dy2L2(NO3)2(DME)4] (1) and [Gd2L2(NO3)2(DME)4] (2) [H2L = (E)‐2‐((2‐hydroxybenzylidene)amino)phenol] were obtained under hydrothermal condition. Two LnIII ions are bridged by two phenolic hydroxyl oxygen atoms, and the distances of them are 3.829 Å (Dy1–Dy1A) and 3.860 Å (Gd1–Gd1A). Two Dy1–O–Dy1A and Gd1–O–Gd1A angles are 109.4° and 109.8°, respectively. Magnetic studies reveal a weak antiferromagnetic interaction between Gd ions in complex 2, and single‐molecule magnet behavior for 1 with Ueff = 49.9 K and τ0 = 1.54 × 10–6 s.