As the first discovered organoboron compound with photochromic property, B(ppy)Mes2 (ppy=2‐phenylpyridine, Mes=mesityl) displays rich photochemistry that constitutes a solid foundation for wide applications in optoelectronic fields. In this work, we investigated the B(ppy)Mes2 to borirane isomerization mechanisms in the three lowest electronic states (S0, S1, and T1) based on the complete active space self‐consistent field (CASSCF) and its second‐order perturbation (CASPT2) methods combined with time‐dependent density functional theory (TD‐DFT) calculations. Our results show that the photoisomerization in the S1 state is dominant, which is initiated by the cleavage of the B‐Cppy bond. After overcoming a barrier of 0.5 eV, the reaction pathway leads to a conical intersection between the S1 and S0 states (S1/S0)x, from which the decay path may go back to the reactant B(ppy)Mes2 via a closed‐shell intermediate (Int1‐S0) or to the product borirane via a biradical intermediate (Int2‐S0). Although triplet states are probably involved in the photoinduced process, the possibility of the photoisomerization in T1 state is very small owing to the weakly allowed S1→T1 intersystem crossing and the high energy barrier (0.77 eV). In addition, we found the photoisomerization is thermally reversible, which is consistent with the experimental observations.