The regiospecific activation of C(naphthyl)–H bonds in a group of naphthylazo‐2′‐hydroxyarene ligands (H2L) has been achieved by platinum(II) compounds under different reaction conditions, and stable cycloplatinates [PtIIL(D)] have been isolated in presence of neutral Lewis bases (D). Structures of the cycloplatinate complexes of platinum(II) have been established by single‐crystal X‐ray crystallography. The platinum(II) centres are surrounded by a C,N,O‐terdentate ligand frame (L) and Lewis base (D) in a distorted square planar fashion. These cycloplatinate species have been found to react with halogens and methyl iodide undergoing metal‐centered two electron oxidation affording platinum(IV) cycloplatinates with distorted octahedral geometry. In the reactions with halogens and methyl iodide, trans oxidative addition has been found for [Pt(L)D] (D = 4‐picoline), whereas cis addition has been observed for [Pt(L)D] where D is a more sterically demanding triphenylphosphane. Structures of two representative platinum(IV) cycloplatinate species have been determined by single‐crystal X‐ray crystallography. A time dependent (TD)‐DFT study of representative cycloplatinate compounds has been performed. Optical absorption spectra of the cycloplatinate compounds in dichloromethane have been simulated using the TD‐DFT method, and the experimental spectra are in very good agreement.