We present a new microscopic approach for the description of the effects of an external direct current (dc) electric field on the magnetic, polarizability, and spectroscopic characteristics of molecular crystals containing cyanide‐bridged Fe–Co clusters as structural units. In addition to the interaction with the electric field, the model allows for metal–metal electron transfer, intracluster magnetic exchange, and long‐range electron‐deformational interactions, which are taken into account within the mean‐field approach. The external electric field gives a unique possibility to manipulate the polarizability, magnetic, and spectroscopic characteristics of cyanide‐bridged Fe–Co clusters.