The complex class [Fe(N^N^C)(N^N^N)]+ with an Earth‐abundant metal ion has been repeatedly suggested as a chromophore and potential photosensitizer on the basis of quantum chemical calculations. Synthesis and photophysical properties of the parent complex [Fe(pbpy)(tpy)]+ (Hpbpy=6‐phenyl‐2,2′‐bipyridine and tpy=2,2′:6′,2′′‐terpyridine) of this new chromophore class are now reported. Ground‐state characterization by X‐ray diffraction, electrochemistry, spectroelectrochemistry, UV/Vis, and X‐ray spectroscopy in combination with DFT calculations proves the high impact of the cyclometalating ligand on the electronic structure. The photophysical properties are significantly improved compared to the prototypical [Fe(tpy)2]2+ complex. In particular, the metal‐to‐ligand absorption extends into the near‐IR and the 3MLCT lifetime increases by 5.5, whereas the metal‐centered excited triplet state is very short‐lived.