In this study, the ring contracting skeletal rearrangement reaction in one‐pot under basic conditions from octaethylporphycene to two types of isocorroles, i.e., the meso‐formyl and meso‐free forms, was confirmed and the reaction mechanism was proposed by the comparative analyses of the experimental and theoretical studies. The electron accepting nature of the porphycene and imine‐amine conversion of pyrrole rings make it possible to react with hydroxide ions and the following reaction to afford isocorroles. Based on this reaction, the valence of the compound as a ligand as well as the photochemical and electrochemical properties were dramatically changed.