A detailed molecular orbital analysis of the metal–bis(borylene) complex [Fe(CO)3{B(Dur)B(N(SiMe3)2)}] (Dur=2,3,5,6‐tetramethylphenyl) (1 a) serves as a focal point of recent developments in this area of chemistry, such as B–B coupling and B–B catenation reactions. There is strong a π delocalization between the Fe(CO)3 and (B‐Dur)(B‐N(SiMe3)2) units; the short B–B distance in 1 a is due to this π delocalization. The π‐donor ligand N(SiMe3)2 on the boron provides a decisive stability to the complex 1 a. The LUMO of 1 a has B–B σ‐bonding character. Hence B–B coupling is facilitated by filling the LUMO. Strong σ‐donating ligands, such as PMe3 or PCy3, induce B–B coupling. Expulsion of one CO from 1 a followed by dimerization leads to [Fe(CO)2{B(Dur)B(N(SiMe3)2)}]2 (3 a) with a short Fe−Fe distance of 2.355 Å. A detailed mechanism for the reaction of 3 a with CO to give the B–B catenation product 2 f is presented. The bonding of all intermediates is compared to their isolobal main‐group analogues.