We have quantum chemically investigated the boron–boron bonds in B2, diborynes B2L2, and diborenes B2H2L2 (L = none, OH2, NH3) using dispersion‐corrected relativistic density functional theory at ZORA‐BLYP‐D3(BJ)/TZ2P. B2 has effectively a single B–B bond provided by two half π bonds, whereas B2H2 has effectively a double B=B bond provided by two half π bonds and one σ 2p‐2p bond. This different electronic structure causes B2 and B2H2 to react differently to the addition of ligands. Thus, in B2L2, electron‐donating ligands shorten and strengthen the boron–boron bond whereas, in B2H2L2, they lengthen and weaken the boron–boron bond. The aforementioned variations in boron–boron bond length and strength become more pronounced as the Lewis basicity of the ligands L increases.