Cyanocobalamin, commonly known as
vitamin B
12
, and its biologically active derivatives, 5′‐deoxyadenosylcobalamin (AdoCbl) and methylcobalamin (MeCbl), have long fascinated scientists with their elaborate structures and intriguing reactivities in enzymatic systems. While the large size and complex electronic structures of these cofactors have posed a major challenge for theoretical chemists, recent insights gained from kinetic, spectroscopic, and X‐ray crystallographic studies have established an excellent foundation for validating computational investigations of the geometric, electronic, and reactivity properties of the isolated cofactors and the molecular details of the catalytic cycles of B
12
‐dependent enzymes. This review—which is by no means exhaustive—summarizes salient information that has been obtained from experimentally validated computational studies of the following: (i) the free B
12
cofactors in their Co
3+
, Co
2+
, and Co
1+
oxidation states; (ii) the mechanism by which enzymes involved in the biosynthesis of AdoCbl overcome the large thermodynamic barrier associated with the Co
2+
→ Co
1+
reduction; (iii) plausible strategies by which AdoCbl‐dependent enzymes achieve a trillion‐fold rate of acceleration for the
homolytic
cleavage of the cofactor's CoC(Ado) bond; and (iv) the means by which MeCbl‐dependent methyltransferases regenerate the active MeCbl cofactor and accelerate the rate of methyl transfer via
heterolytic
CoC(Me) bond cleavage by as many as 6 orders of magnitude.