The electronic structure of actinide elements and complexes thereof is discussed in the context of first‐principles theory, with emphasis on the interplay of relativistic effects and static correlation, spin–orbit coupling, and the importance of ligand‐field interactions in actinide complexes. Selected actinide complexes are discussed in detail in order to illustrate these effects. It is also shown how the open 5f shells of actinides give rise to interesting magnetic properties.