Redox induced ligand centered reactivity has garnered significant attention in recent times. In this context, the present article described intermolecular oxygenation, dehydrogenation and C−N bond cleavage processes of structurally robust picolylamine derivatives (HL) on selective {Ru(acac)2} metal platform encompassing electron rich acac (=acetylacetonate) co‐ligand. The diverse functionalization of {Ru(acac)2} coordinated β‐ketoiminate embedded picolylamines under basic condition included (i) oxygenation of methylene (Cα) position of picolyl fragment (−CH2−NH−→−CO−NH−), (ii) dehydrogenation of phenyl substituted Cα (−CH−NH−→−C=N−) and (iii) C−N bond cleavage of the picolinoyl moiety to yield picolinate (−CO−N−−→−CO−O−). Besides structural, spectroscopic (mass, 1H/13C−NMR, EPR, UV‐vis.) and electrochemical authentication of the products, correlation of the reactivity pattern was addressed via transition state (TS) calculations. Theoretical results supported the consideration of a common dianionic intermediate to address the aforementioned reactivities. The pertinent question of intramolecular cyclization versus intermolecular oxygenation of picolylamine on simple switching from {Ru(Cl)(H)(CO)(PPh3)3} (earlier work[4a]) metal fragment to {Ru(acac)2} (present report) was also elaborated by TS calculation.