In order to isolate a monometallic Mg radical, the precursor (Am)MgI⋅(CAAC) (1) was prepared (Am=tBuC(N‐DIPP)2, DIPP=2,6‐diisopropylphenyl, CAAC=cyclic (alkyl)(amino)carbene). Reduction of a solution of 1 in toluene with the reducing agent K/KI led to formation of a deep purple complex that rapidly decomposed. Ball‐milling of 1 with K/KI gave the low‐valent MgI complex (Am)Mg⋅(CAAC) (2) which after rapid extraction with pentane and crystallization was isolated in 15 % yield. Although a benzene solution of 2 decomposes rapidly to give Mg(Am)2 (3) and unidentified products, the radical is stable in the solid state. Its crystal structure shows planar trigonal coordination at Mg. The extremely short Mg−C distance of 2.056(2) Å indicates strong Mg−CAAC bonding. Calculations and EPR measurements show that most of the spin density is in a π* orbital located at the C−N bond in CAAC, leading to significant C−N bond elongation. This is supported by calculated NPA charges in 2: Mg +1.73, CAAC −0.82. Similar metal‐to‐CAAC charge transfer was calculated for M0(CAAC)2 and [MI(CAAC)2+] (M=Be, Mg, Ca) complexes in which the metal charges range from +1.50 to +1.70. Although the spin density of the radical is mainly located at the CAAC ligand, complex 2 reacts as a low‐valent MgI complex: reaction with a I2 solution in toluene gave (Am)MgI⋅(CAAC) (1) as the major product.