Four air‐stable hypervalent organobismuth compounds with (C,O)‐ or (C,S)‐chelating ligands, namely, R2BiCl (R=2‐(MeECH2)C6H4; E=O (3), S (4)), [2‐(MeOCH2)C6H4]2BiOTf (5), and [{2‐(MeSCH2)C6H4}2Bi][OTf] (6; OTf=triflate) were successfully synthesized. The structures of compounds 3–6 were determined by single‐crystal X‐ray diffraction. Compound 6 comprises the [2‐(MeSCH2)C6H4]2Bi+ cation and the OTf− anion. Compounds 5 exhibited good catalytic efficiency and reusability for the allylation reaction of different aldehydes with tetraallyltin in methanol to give the corresponding homoallylic alcohols in excellent yields.