Metal acetylacetonates possess several very attractive electrochemical properties; however, their cyclabilities fall short of targets for use in nonaqueous redox flow batteries. This paper describes structural and compositional changes during the reduction and oxidation of ruthenium(III) acetylacetonate [Ru(acac)3], a representative acetylacetonate. Voltammetry, bulk electrolysis, and in situ X‐ray absorption spectroscopy (XAS) results are complemented by those from density functional theory (DFT) calculations. The reduction of Ru(acac)3 in acetonitrile is highly reversible, producing a couple at −1.1 V versus Ag/Ag+. In situ XAS and DFT indicate the formation of [Ru(acac)3]− with Ru−O bonds lengthened relative to Ru(acac)3, nearly all of the charge localized on Ru, and no ligand shedding. The oxidation of Ru(acac)3 is quasireversible, with a couple at 0.7 V. The initial product is likely [Ru(acac)3]+; however, this species is short‐lived, converting to a product with a couple at −0.2 V, a structure that is nearly identical to that of Ru(acac)3 within 3 Å of Ru, and approximately 70 % of the charge extracted from Ru (balance from acetylacetone). This non‐innocence likely contributes to the instability of [Ru(acac)3]+. Taken together, the results suggest that the stabilities and cyclabilities of acetylacetonates are determined by the degree of charge transfer to/from the metal.