Herein, we report the synthesis of [bis(hexamethylene)cyclopentadienone]iron tricarbonyl (1 b) by the reaction of cyclooctyne with Fe(CO)5 and the investigation of its catalytic properties in C=O bond reduction. As a result of the peculiar reactivity of cyclooctyne, 1 b was formed in good yield (56 %) by intermolecular cyclative carbonylation/complexation with Fe(CO)5. Compound 1 b was characterized fully and its crystal structure was determined by using XRD. Catalytic tests revealed that, upon in situ activation with Me3NO, 1 b promotes the hydrogenation of ketones, aldehydes, and activated esters as well as the transfer hydrogenation of ketones and shows a higher activity than the classical “Knölker complex” (1 a). Studies on the hydrogenation kinetics in the presence of 1 a and 1 b (respectively) suggest that this difference in activity is probably caused by the better stability of the 1 b‐derived complex than that of the in situ generated Knölker–Casey catalyst.