The mechanism of the CH3ReO3‐catalyzed deoxydehydration of a vicinal diol to an alkene driven by oxidation of a secondary alcohol was investigated by time‐resolved, in situ IR spectroscopy and was found to occur in three steps: 1) reduction of the catalytically active methyltrioxorhenium(VII) to a rhenium(V) complex (the rate‐limiting step), 2) condensation of the diol and the rhenium(V) complex to a rhenium(V) diolate, and 3) extrusion of the alkene accompanied by oxidation of the Re center and thus regeneration of CH3ReO3. The reaction follows zero‐order kinetics initially but, unexpectedly, accelerates towards the end, which is explained in terms of a deactivating pre‐equilibrium, in which the catalytically active CH3ReO3 condenses reversibly with the diol to form an inactive rhenium(VII) diolate. This conclusion is supported by the direct observation of a catalytically inactive species as well as DFT calculations of the IR spectra of the relevant compounds.