Structural features influencing relative enrichments, cation stabilities, and colors of vanadium‐, titanium‐, and iron‐bearing hibonite (CaAl12O19) in meteorites are examined. These transition elements may substitute for Al3+ ions, which occur in five different coordination sites in the hibonite crystal structure, including three distinct octahedra [Al(1), Al(3), and Al(4) positions], one tetrahedron [Al(2) position], and an unusual trigonal bipyramid [the Al(5) position] providing fivefold coordination by oxygen ions. Mossbauer spectral measurements of terrestrial and synthetic iron‐bearing hibonites demonstrate that although Fe cations occur in four‐, five‐, and sixfold coordinations, they are relatively enriched in the trigonal bipyramidal Al(5) site, which provides the largest average Al3+‐oxygen distance. Similarities with Mossbauer spectra of blue sapphires indicate that some Fe2+ ions are also located adjacent to Ti4+ cations in hibonite's face‐sharing Al(3) octahedra. Arguments based on ionic radius and crystal field stabilization energy criteria are used to explain the enrichment of Fe2+ ions in the fivefold coordination Al(5) site of hibonite. Similar electronic stabilities apply also to V3+ and Ti3+, but not to Cr3+, providing an explanation for the fractionation of vanadium into meteoritic hibonites. Three mechanisms are proposed for the blue colors of these hibonites, the visible‐region spectra of which show minima at 550 nm (blue) between two absorption bands at about 400 nm and 700 nm. One assignment of these bands is to crystal field transitions within V3+ and Ti3+, respectively, which are located in the symmetry D3h trigonal bipyramidal Al(5) site. A second assignment of the 700 nm band is to an intense Fe2+ → Ti4+ intervalence transition between traces of these cations located in adjacent face‐shared Al(3) octahedra. The orange color and disappearance of the 700 nm band produced by the heat treatment of hibonite at elevated oxygen fugacities may then be the result of oxidation of either Ti3+ to Ti4+ or Fe2+ to Fe3+. A third explanation of the blue‐orange color change involves color centers induced when primordial 26Al decays to 26Mg, or from trapped electrons in the lattice as a result of nonstoichiometry and structural defects in hibonite.