Diazo compounds and diazirines have been separately studied in detail and are widely used in research and for applied purposes. Although the mutual isomerization of these compounds was discovered 50 years ago, it has still been only modestly investigated. Meanwhile, this type of mutual transformation has to be taken into account on every occasion when one of these compounds is used or investigated. This review discusses all main cases of mutual isomerization between diazo compounds and diazirines with the goal of providing an impulse for its rational application, as well as describing the isomerism.