The strongly chelating anionic beta-diketiminate ligand has been employed to formulate complexes involving almost every metal of the periodic table; however, the heavier metals of the d block remain relatively unexplored. This paper describes the synthesis and characterization of the first two osmium, beta-diketiminato compounds, including a coordinatively unsaturated cationic complex. In parallel to the analogous Ru(II) complexes, the cationic (eta(6)-arene)osmium(II) complex demonstrates bifunctional behavior through [4 + 2] cycloaddition with ethylene, cleavage of dihydrogen under mild conditions, and protonation/chloride addition with [Et2OH]Cl. Metal-centered activity in both the Ru(II) and Os(II) beta-diketiminates has until now remained elusive, as the cationic Os complex is shown to readily coordinate an aryl isonitrile. The applicability of Os(II) beta-diketiminato complexes in catalytic olefin hydrogenation demonstrates significantly greater activity in terms of conversion and TOF for a range of substrates, including styrene, cyclohex-1-ene, and 1-methylcyclohex-1-ene. Moreover, selective hydrogenation of the exocyclic alkenyl group in limonene was observed, whereas the corresponding isostructural Ru(II) complexes are inactive. In contrast, the cationic (eta(6)-arene)ruthenium(II) beta-diketiminato complex proved more active for the catalytic dehydrogenation of N,N-dimethylamine borane (Me2NBH3) than the equivalent Os(II) species. A detailed DFT study of the Ru(II) and Os(II) beta-diketiminato species using charge decomposition analysis (CDA) demonstrates differences in metal ligand interactions, which in turn considerably influences the extent of bifunctional reactivity.