Diarylamine‐substituted osmanaphthalyne complexes that feature two redox centers linked by the rigid skeleton of the metallacycle (C^C+), specifically, [OsCl2(PPh3)2{(C^C+)NAr2}][BF4−] (Ar=Ph (1 a), p‐MeOPh (1 b)) and their open‐ring precursors [OsHCl2(PPh3)2{(≡C−C(PPh3+)=CHPh)NR2}][BF4−] (Ar=Ph (2 a), p‐MeOPh (2 b)), were successfully synthesized and characterized by 1H, 13C, and 31P NMR spectroscopy, ESI‐MS, and elemental analysis. The solid‐state molecular structures of complexes 1 a and 2 a were ascertained by single‐crystal X‐ray diffraction. The Os≡C bond length in both complexes 1 a and 2 a fell within the range reported for similar osmanaphthalynes and osmium carbyne complexes, respectively. The structural parameters determined for complex 1 a, which were successfully reproduced by theoretical calculations, point to a π‐delocalized metallacycle structure. The purple color of compounds 1 a and b was explained by the diarylamine→Os(metallacycle) charge‐transfer absorption in the visible region. The neutral, one‐electron‐oxidized and one‐electron‐reduced states of compounds 1 a, b, and a reference complex that lacked the diarylamine substituent, [OsCl2(PPh3)2{(C^C+)}][BF4−] (1′), were investigated by cyclic and square‐wave voltammetry, UV/Vis/NIR spectroelectrochemistry, and DFT calculations. The spin density in singly oxidized complexes [1 a]+ and [1 b]+ predominantly resided on the aminyl segment, with osmium involvement controlled by the diphenylamine substitution. Spin density in stable, singly‐reduced [1′]− was distributed mainly over the osmanaphthalyne metallacycle.