The metathesis of ethylene with 2‐butenes to propene is an established large‐scale process. However, the fundamentals behind in situ transformation of supported WOx, MoOx, or ReOx species into catalytically active metal‐carbenes and the intrinsic activity of the latter as well as the role of metathesis‐inactive cocatalysts are still unsolved. This is detrimental for catalyst development and process optimization. In this study, we provide the required essentials derived from steady‐state isotopic transient kinetic analysis. For the first time, the steady‐state concentration, the lifetime, and the intrinsic reactivity of metal carbenes were determined. The obtained results can be directly used for the design and the preparation of metathesis‐active catalysts and cocatalysts, thereby opening up possibilities for optimizing propene productivity.