We have developed novel NO-releasing prodrugs of efaproxiral (RSR13) for their potential therapeutic applications in a variety of diseases with underlying ischemia. RSR13 is an allosteric effector of hemoglobin (Hb) that decreases the protein’s affinity for oxygen, thereby increasing tissue oxygenation. NO in the form of ester prodrugs has been found useful in managing several cardiovascular diseases by increasing blood flow and oxygenation in ischemic tissues, due to its vasodilatory property. We synthesized three NO-donor ester derivatives of RSR13 (DD-1, DD-2 and DD-3) by attaching the NO-releasing moieties, nitrooxyethyl, nitrooxypropyl, and 1-(pyrrolidin-1-yl)diazen-1-ium-1,2-diolate, respectively, to the carboxylate of RSR13. In-vitro studies demonstrated that the compounds released NO in a time-dependent manner when incubated with L-cysteine (1.8 – 9.3%) or human serum (2.3 – 52.5%); and also reduced Hb affinity for oxygen in whole blood (ΔP50 of 4.9 – 21.7 mmHg vs 25.4 – 32.1 mmHg for RSR13). Crystallographic studies showed RSR13, the hydrolysis product of the reaction between DD-1 and deoxygenated Hb, bound to the central water cavity of Hb. Also, the hydrolysis product, NO was observed exclusively bound to the two α-hemes; the first such HbNO structure to be reported, capturing the previously proposed physiological bis-ligated nitrosylHb species. Finally, nitrate was observed bound to βHis97. UPLC-MS analysis of the compounds incubated with matrices used for the various studies demonstrated the presence of the predicted reaction products. Our findings, beyond the potential therapeutic application, provide valuable insights into the biotransformation of NO-releasing prodrugs and their mechanism of action, as well as hemoglobin-NO biochemistry at the molecular level.