A series of donor‐ and acceptor‐substituted ruthenium cyclopentadienone complexes were synthesized and their catalytic activities towards propargyl alcohols focused on amination reactions have been investigated. It is shown that the substituents of the cyclopentadienone ligand determine the mode of activation of propargyl alcohols by these complexes leading to different central intermediates in catalytic cycles. Catalytic transformations of propargyl alcohols to α‐ or β‐amino ketones, enamino ketones, α,β‐unsaturated imines, ketones, alkenes and conjugated enynes could be achieved. (© Wiley‐VCH Verlag GmbH & Co. KGaA, 69451 Weinheim, Germany, 2007)