Hydrogen bonds involving the oxygen atoms of intermediates that result from copper‐mediated O2 activation play a key role for controlling the reactivity of Cux/O2 active sites in metalloenzymes and synthetic model complexes. However, structural insight into H‐bonding in such transient species as well as thermodynamic information about proton transfer to or from the O2‐derived ligands is scarce. Here we present a detailed study of the reversible interconversion of a μ1,2‐peroxodicopper(II) complex ([1]+) and its μ1,1‐hydroperoxo congener ([2]+) via (de)protonation, including the isolation and structural characterization of several H‐bond donor (HBD) adducts of [1]+ and the determination of binding constants. For one of these adducts a temperature‐dependent μ1,2‐peroxo/μ1,1‐hydroperoxo equilibrium associated with reversible H+‐translocation is observed, its thermodynamics investigated experimentally and computationally, and effects of H‐bonding on spectroscopic parameters of the CuII2(μ1,2‐O2) species are revealed. DFT calculations allowed to fully map and correlate the trajectories of H+‐transfer and μ1,2‐peroxo→μ1,1‐peroxo rearrangement. These findings enhance our understanding of two key intermediates in bioinspired Cu2/O2 chemistry.