The present study provides new experimental data on the reactivity of sulfur‐based ligands connected to Re atoms. It was recently discovered that oxidation of µ‐S ligands within the bioctahedral [Re12CS14(µ‐S)3(CN)6]6– cluster anion using H2O2 led to the formation of µ‐SO2 and µ‐SO3 products. This work is focused on the investigation of the opposite process – reduction of the [Re12CS14(µ‐SO2)3(CN)6]6– anion to [Re12CS14(µ‐S)3(CN)6]6– by sulfide ions in an aqueous medium under mild conditions. The reduction results in a slow change of the solution colour, making it possible to investigate in detail the intermediate products. Analysis of the reaction mixture by ESI mass spectrometry revealed that a series of cluster anions [Re12CS17On(CN)6]6– (n = 0–5) was generated during the process. This indicates stepwise chemical reduction of bridging SO2 ligands proceeding through the formation of µ‐SO ligands. In this way, twelve‐nuclear rhenium clusters demonstrate a unique, fully reversible redox cycle of their µ‐bridging ligands, keeping the cluster core unchanged. Two mixed‐ligand cluster anions, [Re12CS14(µ‐SO2)2(µ‐S)(CN)6]6– and [Re12CS14(µ‐SO2)(µ‐S)2(CN)6]6–, were found to be the major reaction intermediates. The former was crystallised with [Cu(NH3)5]2+ and [Cd(NH3)n]2+ ammine cations and investigated by single‐crystal X‐ray diffraction. To understand the electronic structure and charge distribution in [Re12CS17On(CN)6]6– cluster anions, DFT calculations were also carried out.