The synthesis, photophysics, and reverse saturable absorption (RSA) of three monocationic iridium(III) complexes (Ir1–Ir3) bearing diimine (N^N) ligand with different degrees of π‐conjugation are reported. Spectroscopic methods, including UV/Vis absorption, emission, and transient absorption spectroscopy, and density functional theory calculations were carried out to understand the nature of the singlet and triplet optical transitions and the influence of N^N ligand π‐conjugation on the photophysical properties of the complexes. All complexes possessed predominant ligand–centered, 1π,π* absorption bands at 280–420 nm and weak charge‐transfer absorption bands at 420–610 nm for Ir1, 420–680 nm for Ir2, and 420–730 nm for Ir3. The extended π‐conjugation of the N^N ligand red–shifted the charge‐transfer absorption bands and increased the molar extinction coefficients of all of the absorption bands. All complexes were emissive in the far‐red to the near‐infrared regions, with the emission energies gradually decreasing when the π‐conjugation of the N^N ligand increased. However, the emission lifetime of Ir3 increased when its emitting state energy decreased. This was caused by the different nature of the T1 state in Ir3, which was the predominant N^N ligand–localized 3π,π* state compared to the charge‐transfer T1 states in Ir1 and Ir2. The different parentage of the T1 state in Ir3 also gave rise to a much broader and stronger triplet excited‐state absorption in the 420–800 nm regions. The varied ground‐state and triplet excited‐state absorption characteristics led to a different strength of the reverse saturable absorption (RSA) for ns laser pulses at 532 nm, with the RSA strength following the trend of Ir3 > Ir1 ≥ Ir2. Complex Ir3 is particularly attractive for its potential as a broadband reverse saturable absorber in view of its broader ground‐ and excited‐state absorption in the regions of 420–730 nm and longer–lived triplet excited state.