NBN‐ and BNB‐doped phenalenyls are isoelectronic to phenalenyl anions and cations, respectively. They represent a pair of complementary molecules that have essentially identical structures but opposite properties as electron donors and acceptors. The NBN‐phenalenyls 1−4 considered here were prepared from N,N’‐dimethyl‐1,8‐diaminonaphthalene and readily available boron‐containing building blocks (i.e., BH3∙SMe2 (1), p‐CF3‐C6H4B(OH)2 (2), C6H5B(OH)2 (3), or MesBCl2/iPr2NEt (4)). Treatment of 1 with 4‐Me2N‐2,6‐Me2‐C6H2Li gave the corresponding NBN derivative 5. The BNB‐phenalenyl 6 was synthesized from 1,8‐naphthalenediyl‐bridged diborane(6), PhNH2, and MesMgBr. A computational study reveals that the photoemission of 1, 4, and 5 originates from locally excited (LE) states at the NBN‐phenalenyl fragments, while that of 2 is dominated by charge transfer (CT) from the NBN‐phenalenyl to the p‐CF3‐C6H4 fragment. Depending on the dihedral angle θ between its Ph and NBN planes, compound 3 emits mainly from a less polar LE (θ > 55°) or more polar CT state (θ < 55°). In turn, the energetic preference for either state is governed by the polarity of the solvent used. An equimolar aggregate of the NBN‐ and BNB‐phenalenyls 3 and 6 (in THF/H2O) shows a distinct red‐shifted emission compared to that of the individual components, which originates from an intermolecular CT state.