Molecular diodes usually exhibit fixed current values at a specific bias and achieve sizable rectification ratio (RR) at voltages of ≈1.0 V. Here, a series of custom‐designed molecular films of ferrocenyl/ruthenocenyl‐substituted biphenylthiolates and fluorenethiolates on Au (111) is presented, which exhibit a distinctly different behavior. When embedded into two‐terminal junctions, they show two different conduction states, with a high conductivity state at a negative bias and a low conductivity state upon applying a sufficiently high positive bias. Comparing the current values for these two states, an effective RR of more than 1000 is obtained, a value comparable to the best performing molecular diodes but attained already at particularly low voltages. Significantly, the switching between the conduction states is reversible and the initial, high conductivity state can be recovered by the application of a negative bias. The proposed explanation for these observations is the bias‐induced switching of the junction to a metastable state comprising oxidized ferrocenyl/ruthenocenyl entities, which are characterized by less delocalized frontier orbitals and cause the formation of a significant potential barrier within the junction. It is hypothesized that this state can be stabilized by structural changes in the monolayers, affecting also their coupling to the top electrode.