In this contribution, we report a detailed investigation of a photocatalytic system capable of producing hydrogen under aerobic conditions. This system consists of [Ru(dnbpy)(tbbpy)2](PF6)2 (1; dnbpy=4,4′‐dinitrile‐2,2′‐bipyridine; tbbpy=4,4′‐di‐tert‐butyl‐2,2′‐bipyridine) as the chromophore, [Co(dmgH)2] (dmgH=dimethylglyoximato) as the reduction catalyst, and triethylamine (TEA) as the electron donor. Most surprisingly, the system shows a higher catalytic activity under aerobic than under inert conditions. Detailed investigations of the catalytic process reveal that the nitrile groups probably convert to amides upon addition of TEA, and further intermediates are formed during the catalytic process. For further investigation of the surprising photocatalytic behavior of compound 1 in air, UV/Vis spectroscopic studies and time‐dependent measurements of the oxygen concentration during the photocatalytic process, both in the headspace and the liquid phase, are performed.