Reactions of 2‐phenyl‐4‐R‐5(4H)‐oxazolones (R = Me, CH2Ph, CHMeEt) with [(η5‐C5Me5)IrCl2]2 afforded the cyclometallated complexes (η5‐C5Me5)(Cl)Ir(L) (1−3) [L = 2‐phenyl‐4‐R‐5(4H)‐oxazolone(C‐o,N)]. 2‐Phenyl‐5(4H)‐oxazolone reacts with [(η5‐C5Me5)IrCl2]2 and palladium(II) acetate to give complexes with a C‐o,N‐bridging oxazolone [(η5‐C5Me5)(Cl)Ir]2(μ‐Cl)(μ‐L‐H+) (4) and Pd3(μ‐ac)5(μ‐L‐H+) (5). 2‐Phenyloxazolone anions were added to the π ligands of [(η5‐C6H7)Fe(CO)3]+ and [(η7‐C7H7)Cr(CO)3]+ to give the adducts 6−11. Dipeptide derivatives 12−18 were obtained by reaction of 1, 2 and by reaction of the adduct 6 from [(η5‐C6H7)Fe(CO)3]+; and the anion of 2‐phenyloxazolone with α‐amino acid esters. These reactions may be used for the labelling of peptides. Saponification of 15−18 yields the organometallic substituted peptide acids 19−22. Their dianions (deprotonation of COOH and peptide amide) were used as ligands towards (Ph3P)2PtCl2 to yield the bimetallic complexes 23−25. The structures of 4, 5, 9 and 10 were determined by X‐ray diffraction.