Benzene is one of the most ubiquitous structural motifs in chemistry. The valence isomers of benzene have also attracted synthetic chemists’ attention due to their unique structures, bonding, and reactivity. We have been investigating boron‐nitrogen‐containing benzene valence isomers via photoisomerization of 1,2‐azaborines. In this contribution, we summarize recent developments of these highly strained BN‐heterocyclic compounds including their synthesis, characterization, proposed mechanism of formation, and their potential applications.