Syntheses, crystal structures and density functional theoretical magnetic properties of [NiII2YIII2L4(NO3)2(MeOH)2] (1) and [NiII2YIII2L4(NO3)2(H2O)2]⋅2H2O (2) and experimental magnetic properties of 2 are described, where H2L is the Schiff base ligand, obtained on [1+1] condensation of 3‐ethoxysalicylaldehyde and 2‐aminophenol. When compound 1 was exposed to open atmosphere, compound 2 was formed via single crystal to single crystal transformation. Variable‐temperature (5–300 K) magnetic susceptibility and variable‐field (up to 5 T) magnetization data for 2 reveal ferromagnetic exchange interaction between two NiII metal ions with J=1.61(0.01) cm–1. Broken symmetry density functional calculations for both 1 and 2 also reveal the ferromagnetic interaction with J values of 3.6 and 4.3 cm‐1, respectively. DFT calculations have also been performed for the only known and magnetically characterized NiII2YIII2 compound [Et3NH]2[NiII2YIII2(μ3‐OH)2(O2CtBu)10](Inorg. Chem. 2015, 54, 5930), reveling nice matching of ferromagnetic interaction in 2 (J(Exp)=1.61(0.01) cm–1 and J(DFT)=4.3 cm–1) and antiferromagnetic interaction in the former (J(Exp)=‐4.6 cm–1 and J(DFT)=‐5.4 cm–1). Comparing the simulations of the magnetic data of [NiII2YIII2L4(NO3)2(H2O)2]⋅2H2O (2) and [NiII2GdIII2L4(NO3)2(H2O)2]⋅2H2O (Eur. J. Inorg. Chem. 2018, 2793), the role of diamagnetic metal ion in the values of magnetic parameters in an all‐paramagnetic cluster has been demonstrated in details.