The need for both improved energy efficiency of information communication technologies, and increased data storage density to meet the requirements of contemporary society, has enhanced interest in the miniaturization of electronic devices. The ultimate in miniaturization is a single molecule and the possibility of utilizing individual molecules as device components has afforded the scientific field of molecular materials. So‐called “smart” materials respond to an external stimulus and such stimuli‐response can be achieved at the molecular level. Molecular materials that can be switched between forms with different electronic structures in response to an external stimulus offer the possibility of controlled switching between species with different physical and electronic properties, including most obviously, color. The phenomenon of valence tautomerism (VT) involves stimulated intramolecular electron transfer between a redox‐active metal and ligand, sometimes accompanied by a spin transition at the metal center. While best known for cobalt–dioxolene systems, other redox‐active metal and ligand combinations can also display VT. Known since 1980, in recent times, the field of VT has expanded in a range of directions, spanning from enhancing understanding of the fundamental science and development of new examples, to incorporation of VT species into technologically relevant media, including nanoparticles, thin films, and deposition on surfaces. Particularly exciting are developments in the use of density functional theory calculations, which now allow for accurate evaluation of the likelihood and characteristics of potential VT transitions in yet‐to‐be synthesized compounds. This article presents the fundamental aspects of valence tautomerism in d‐block complexes before comprehensibly describing recent developments and possible future implications.