The chemistry of the s-block metals is dominated by the +1 oxidation state for the Alkali metals (group 1) and the +2 oxidation state for the Alkaline Earth metals (group 2). In recent years, a series of stable dimeric magnesium(I) compounds has been prepared and their chemistry has started to develop. These complexes feature “deformable” Mg–Mg single bonds and are stabilised by sterically demanding and chelating anionic N-ligands that prevent their disproportionation. They have rapidly proven useful in organic and organometallic/inorganic reduction reactions as hydrocarbon soluble, stoichiometric, selective and safe reducing agents. The scope of this perspective focuses on stable molecular compounds of the general type LMgMgL and describes their synthesis, structures, theoretical and spectroscopic studies as well as their further chemistry. Also, comparisons are drawn with related complexes including magnesium(II) hydrides and dimeric zinc(I) compounds.