Five new lanthanide(III) sandwich and half‐sandwich complexes with bulky cyclooctatetraenyl ligands have been prepared and fully characterized, including single‐crystal X‐ray structure determination. The treatment of anhydrous lanthanide(III) chlorides, LnCl3 (Ln = Pr, Tb, Yb), with 2 equivalents of Li2COT′′ [COT′′ = 1,4‐bis(trimethylsilyl)cyclooctatetraene dianion] followed by crystallization in the presence of a coordinating solvent afforded the anionic sandwich complexes [Li(THF)4][Pr(COT′′)2] (1), [Li(DME)3][Tb(COT′′)2] (2; DME = 1,2‐dimethoxyethane), and [Li(TMEDA)2][Yb(COT′′)2] (3; TMEDA = N,N,N′,N′‐tetramethylethylenediamine). Attempted oxidation of 2 with silver iodide did not afford the neutral terbium(IV) sandwich complex [Tb(COT′′)2]. Instead, the tri(µ‐iodido)‐bridged dinuclear half‐sandwich complex [Li(DME)2][Tb2(µ‐I)3(COT′′)2] (4) was isolated in 72 % yield. In this complex, the Li(DME)2 fragment is attached to one of the µ‐iodido ligands. A closely related binuclear lutetium complex, [Li(DME)3][Lu2(µ‐Cl)3(COTbig)2]·DME (5), was obtained by using the “superbulky“ COTbig ligand [COTbig = 1,4‐bis(triphenylsilyl)cyclooctatetraenyl dianion]. In addition to the spectroscopic and structural characterization, the magnetic properties of the paramagnetic terbium(III) derivative 2 have been investigated and further complemented by ab initio computational methods. These results have been used to discuss the structural requirements for potential terbium(III) single‐ion magnets.