Reduction with CaH2 of double‐layered perovskite Sr3Fe2O7 yielded novel two‐legged S=2 ladder compound Sr3Fe2O5. Together with the synthesis of SrFeO2, this opens up new avenues for solid‐state chemistry and physics of a series of n‐legged ladders Srn+1FenO2n+1. The picture illustrates the structural transformation from FeO6 octahedra in Sr3Fe2O7 to FeO4 squares in Sr3Fe2O5, which occurs via intermediate Sr3Fe2O6 (Sr blue, O red, Fe yellow).