This review provides a survey of the key‐class of Pt0 complexes of general formula [Pt(N,N′‐chelate)(η2‐olefin)]. The main spectroscopic, structural and chemical features are discussed, in terms of electronic and steric properties of the ancillary ligands. The versatile reactivity towards electrophiles is described as a very useful entry to PtII compounds with a wide assortment of ligands, such as halido, hydrido, hydrocarbyl, organometal, organoelement and carbene fragments, in some cases stabilised for the first time by the careful choice of the N,N′‐ligand. Remarkably, the reactions can be an equilibrium, and their relevant thermodynamic parameters have also been collected, thus allowing a thorough discussion of the electronic and steric factors which affect its position.