An antimony‐substituted polyoxomolybdate, [PSbIII(H2O)Mo11O39]4−, of the α‐Keggin structure, has been synthesized. Although the molecular structure is typical, we have found from the analysis of the X‐ray diffraction data that the crystal is anisotropic with alignment of the molecular units so that the substituted antimony atoms are all directed along the polar c axis and on the same side of the molecular unit. UV/Vis, ESR and magnetic susceptibility data support a formulation of [PSbIII(H2O)Mo11O39]4− whereby there is partial electron delocalization with some formation (10−20%) of MoV. Oxidation of [PSbIII(H2O)Mo11O39]4− with ozone or bromine yields the oxidized species [PSbV(O)Mo11O39]4− and [PSbV(Br)Mo11O39]3−. In the anaerobic oxydehydrogenation of alcohols, [PSbV(O)Mo11O39]4− is more active than [PSbV(Br)Mo11O39]3−. Catalytic aerobic oxidation of benzylic alcohols to aldehydes was also possible with no over‐oxidation and formation of carboxylic acids.