The current study of the small lithium molecules Li2+,0,− and Li3+,0,− focuses on the nature of the bonding in these molecules as well as their structures and energetics (bond energies, ionization energies, and electron affinities). Valence CASSCF (2s,2p) calculations incorporate nondynamical electron correlation in the calculations, while the corresponding multireference configuration interaction and coupled cluster calculations incorporate dynamical electron correlation. Treatment of nondynamical correlation is critical for properly describing the Li2,3+,0,− molecules as well as the Li− anion with dynamical correlation, in general, only fine‐tuning the predictions. All lithium molecules and ions are bound, with the Li3+ and Li2+ ions being the most strongly bound, followed by Li3−, Li2, Li2− and Li3. The minimum energy structures of Li3+,0,− are, respectively, an equilateral triangle, an isosceles triangle, and a linear structure. The results of SCGVB calculations are analyzed to obtain insights into the nature of the bonding in these molecules. An important finding of this work is that interstitial orbitals, a concept first put forward by McAdon and Goddard in 1985, play an essential role in the bonding of all lithium molecules considered here except for Li2. The interstitial orbitals found in the Li3+,0 molecules likely give rise to the non‐nuclear attractors/maxima observed in these molecules.