Despite decades of extensive studies on the reactivity of magnesium alkyls towards O2, the isolation and structural characterization of discrete products of these reactions still remains a challenge. Although the formation of the most frequently encountered magnesium alkoxides through unstable alkylperoxide intermediates has commonly been accepted, the latter species have been elusive for over 100 years. Probing the oxygenation of a seemingly simple well‐defined neo‐pentylmagnesium complex stabilized by a β‐diketiminate ligand, (dippBDI)MgCH2CMe3, we report on the isolation and structure characterization of both a dimeric magnesium alkoxide [(dippBDI)Mg(μ‐OCH2CMe3)]2 and the first example of monomeric magnesium alkylperoxide [(dippBDI)Mg(thf)OOCH2CMe3] (dippBDI=[(ArNCMe)2CH]− and Ar=C6H3iPr2‐2,6). The formation of monomeric magnesium alkylperoxide demonstrates a crucial role of an additional Lewis base for stabilizing the most elusive oxygenation products likely due to increasing of the electron density on the metal centre. Moreover, the 1H NMR studies at −80 °C revealed that the dissociation of a coordinated Lewis base from the solvated complex (dippBDI)Mg(L)CH2CMe3 (where L=thf or 4‐methylpyridine) is likely not required prior to the effective attack of an O2 molecule on the metal centre and the four‐coordinate alkylmagnesium complex reacts smoothly with O2 under these conditions. The results can be expected to aid future engineering of various organomagnesium/O2‐based reaction systems.