Recently, Braunschweig et al. found that borylene (CAAC)DurB, in which CAAC is a cyclic alkyl(amino) carbene and Dur refers to 2,3,5,6‐tetramethylphenyl, can bind and activate N2, and the resulting [(CAAC)DurB]2N2 is of a bent BNNB core. The N2 ligand in transition metal complexes is generally linear, so herein, the bonding nature of both terminal end‐on and end‐on bridging borylene‐N2 complexes is investigated with valence bond (VB) theory. In the terminal end‐on (CAAC)HBN2 the bonding follows the mechanism in transition metals with a σ donation and a π back‐donation, but in the end‐on bridging borylene‐N2 complex, the σ donation comes from the π orbitals of N2, and thus, there are two opposite and perpendicular push–pull channels. It is the push–pull interaction that governs the enhanced activation of N2 and the BNNB bent geometry. It is expected that the substituents bonded to B can modulate the bent angle and the strength of the push–pull interaction. Indeed, (CAAC)FB exhibits enhanced catalytic capacity for the activation of N2.