One of the challenges in utilizing hydrogen gas (H 2 ) as a sustainable fossil fuel alternative is the inhibition of H 2 oxidation by carbon monoxide (CO), which is involved in the industrial production of H 2 sources. To solve this problem, a catalyst that selectively oxidizes either CO or H 2 or one that co-oxidizes H 2 and CO is needed. Recently, a NiIr catalyst [Ni II Cl(X)Ir III Cl(η 5 -C 5 Me 5 )], (X = N,N′dimethyl-3,7-diazanonane-1,9-dithiolate), which efficiently and selectively oxidizes either H 2 or CO depending on the pH, has been developed (Angew. Chem. Int. Ed. 2017, 56, 9723−9726). In the present work, density functional theory (DFT) calculations are employed to elucidate the pH-dependent reaction mechanisms of H 2 and CO oxidation catalyzed by this NiIr catalyst. During H 2 oxidation, our calculations suggest that dihydrogen binds to the Ir center and generates an Ir(III)−dihydrogen complex, followed by subsequent isomerization to an Ir(V)−dihydride species. Then, a proton is abstracted by a buffer base, CH 3 COO − , resulting in the formation of a hydride complex. The catalytic cycle completes with electron transfer from the hydride complex to a protonated 2,6-dichlorobenzeneindophenol (DCIP) and a proton transfer from the oxidized hydride complex to a buffer base. The CO oxidation mechanism involves three distinct steps, i.e., (1) formation of a metal carbonyl complex, (2) formation of a metallocarboxylic acid, and (3) conversion of the metallocarboxylic acid to a hydride complex. The formation of the metallocarboxylic acid involves nucleophilic attack of OH − to the carbonyl-C followed by a large structural change with concomitant cleavage of the Ir−S bond and rotation of the COOH group along the NiIr axis. During the conversion of the metallocarboxylic acid to the hydride complex, intramolecular proton transfer followed by removal of CO 2 leads to the formation of the hydride complexes. In addition, the barrier heights for the binding of small molecules (H 2 , OH − , H 2 O, and CO) to Ir were calculated, and the results indicated that dissociation from Ir is a faster process than the binding of H 2 O and H 2 . These calculations indicate that H 2 oxidation is inhibited by CO and OH − and thus prefers acidic conditions. In contrast, the CO oxidation reactions occur more favorably under basic conditions, as the formation of the metallocarboxylic acid involves OH − attack to a carbonyl-C and the binding of OH − to Ni largely stabilizes the triplet spin state of the complex. Taken together, these calculations provide a rationale for the experimentally observed pH-dependent, selective oxidations of H 2 and CO.