Carbenes and nitrenes can exist in both singlet and triplet states, sometimes equally stable and interconverting either thermally or photochemically. Many carbene and nitrene reactions proceed via tunneling at low temperatures. Numerous singlet and triplet states have been characterized spectroscopically, and a detailed understanding of the chemical and physical properties of carbenes and nitrenes is emerging. There has been significant progress in the direct observation of carbenes, nitrenes, and many other reactive intermediates in recent years through the application of matrix photolysis and flash vacuum pyrolysis linked with matrix isolation at cryogenic temperatures. Our understanding of singlet and triplet states has improved through the interplay of spectroscopy and computations. Bistable carbenes and nitrenes as well as many examples of tunneling have been discovered and numerous rearrangements and fragmentations have been documented. The correlation of the zero-field splitting parameter D with calculated spin densities on nitrenes and carbenes is discussed. This Minireview gives an overview of some of these developments.