AbstractTransition metal–mercury complexes were among the first compounds of study for the concept of direct metal–metal bonding which was established more than three decades ago. Since then, a large number of such systems have been synthesized and studied. The fact that mercury is readily attached to a large variety of main group or transition metals has stimulated its use as a general building block in the systematic synthesis of mixed‐metal clusters. The past decade has witnessed a rapid expansion of bimetallic cluster chemistry in which species containing mercury have played a prominent role, and which has led to the discovery of many unprecedented cluster structures and reactions. In particular, the ability of mercury to form multicenter metal–metal bonds with polynuclear cluster fragments has substantially extended its coordination chemistry which was thus far dominated by simple linear structural arrangements. Although certain structural motifs are found to be common to many of the transition metal–mercury clusters investigated to date and thus enable a relatively systematic synthetic approach, the multitude of surprising discoveries has kept the interest in the chemistry of the element itself alive. The recent discovery of the redox and photochemical reactivity of some of these systems has opened up an exciting and promising area of cluster research. Its significance for the synthetic methodology lies in the fact that the increasing redox activity of molecular carbonyl clusters on going to higher nuclearities appears to set a limit on the size of metal frameworks attainable by the standard preparative methods. On the other hand, their potential use as photochromes or redox mediaters in coupled electron‐transfer reactions provides an additional stimulus for future studies in