Recent work on heterovalent ternary nitrides, II‐IV‐N2, is reviewed. The authors first provide an overview of the relevant literature, then briefly discuss band gaps, band offsets and the effects and nature of disorder. The authors discuss the energies of formation and evaluate the stability or metastability with respect to competing binary compounds. The Cd‐IV‐N2 compounds are found to be only metastable. For ZnGeN2 we present a revised chemical potential stability region and discuss its effects on the point defect energies of formation. The authors briefly discuss the current status of understanding of the point defects and doping in ZnGeN2.