We have investigated the origin of the S1‐T1 energy levels inversion for heptazine, and other N‐doped π‐conjugated hydrocarbons, leading thus to an unusually negative singlet‐triplet energy gap (ΔEST<0
). Since this inversion might rely on substantial doubly‐excited configurations to the S1 and/or T1 wavefunctions, we have systematically applied multi‐configurational SA‐CASSCF and SC‐NEVPT2 methods, SCS‐corrected CC2 and ADC(2) approaches, and linear‐response TD‐DFT, to analyze if the latter method could also face this challenging issue. We have also extended the study to B‐doped π‐conjugated systems, to see the effect of chemical composition on the results. For all the systems studied, an intricate interplay between the singlet‐triplet exchange interaction, the influence of doubly‐excited configurations, and the impact of dynamic correlation effects, serves to explain the ΔEST<0
values found for most of the compounds, which is not predicted by TD‐DFT.