Heterodinuclear transition‐metal complexes, that is coordination compounds comprising two different transition‐metal atoms, witness growing interest. This development is driven by the incentive to find complexes, which outperform their mononuclear competitors in reactivity and selectivity. It is particularly the close proximity of the two transition‐metal atoms, which promises to promote these favorable interactions denoted as “cooperative”. Therefore, mainly dinuclear complexes with direct metal–metal bonds are discussed in this article. Since the very first report of a heterodinuclear transition‐metal complex in 1960, a repertoire of methodologies for the targeted synthesis has been established. Besides the description of this progress, the focus of the present article is on the discussion of appropriate characterization methods. Typical questions concern the nature of the metal–metal bond as well as the elucidation of mechanistic details of reactions involving the polar metal–metal bonds present in heterodinuclear complexes. Several applications are detailed, in which heterodinuclear complexes either surpass the limitations of mononuclear complexes or even exhibit so far unknown reactivity. So‐called “early–late” complexes represent the most dominant branch in this context, while also “late–late” complexes show fruitful reactivity. Herein, the focus is on transition‐metal‐containing complexes, thus ignoring main‐group elements completely.