Hydrocarbon solubility and chemical interactions in ten imidazolium‐ and pyridinium‐based ionic liquids (ILs) with four different anions (thiocyanate [SCN]−, dicyanamide [DCA]−, tricyanomethanide [TCM]−, and bis(trifuoromethylsulfonyl)imide [NTf2]−) have been studied by 1H and 13C NMR spectroscopy. The anion structure has the main influence on the anion–aromatic chemical interaction strength; it is directly correlated to the NMR chemical shift deviations but not to the hydrocarbon solubility. The [TCM]− anion shows the largest chemical shift deviations, but the [NTf2]− anion has the highest hydrocarbon solubility due to steric effects. Higher water contents decrease the hydrocarbon solubility in ILs. Ion‐water solvation mainly occurs until 1 molwater/molIL with the saturation limit at 10 molwater/molIL. Toluene‐ion interactions are stronger than water–ion interactions in [DCA]− and [TCM]−‐based ILs, but they have a similar or even lower strength in [SCN]−‐based ILs.