Salts of the tetrakis(pentafluoroethyl)aluminate anion [Al(C2F5)4]− were obtained from AlCl3 and LiC2F5. They were isolated with different counter‐cations and characterized by NMR and vibrational spectroscopy and mass spectrometry. Degradation of the [Al(C2F5)4]− ion was found to proceed via 1,2‐fluorine shifts and stepwise loss of CF(CF3) under formation of [(C2F5)4−nAlFn]− (n=1–4) as assessed by NMR spectroscopy and mass spectrometry and supported by results of DFT calculations. In addition, the [(C2F5)AlF3]− ion was structurally characterized.