In this study, homobimetallic ruthenium alkylidene complexes were used for the self‐metathesis and ethenolysis reactions of methyl oleate and rapeseed oil‐derived FAME mixtures. The activity and selectivity of homobimetallic ruthenium alkylidene complexes were also compared with their monometallic analogs. It has been determined that homobimetallic complexes bearing phosphine and N‐heterocyclic carbene ligands are more active and selective catalysts than their monometallic analogs for self‐metathesis and ethenolysis reactions of rapeseed FAME mixture. Homobimetallic ruthenium complexes showed superior selectivity at 25°C toward these reactions. Conversion values of 99% with 96% selectivity toward ethenolysis products were observed by using homobimetallic ruthenium complexes. In addition to these superiorities, relatively lower amounts of double bond isomerization side‐products were obtained by using homobimetallic complexes. This catalytic approach represents a unique example for metathesis transformation of FAME mixtures at relatively low temperature (25°C) and ethylene pressure (1 atm) with high selectivity using homobimetallic ruthenium alkylidene complexes.Practical applications: This study reports the selective transformation of rapeseed oil‐derived FAME by ethenolysis reactions catalyzed by homobimetallic ruthenium alkylidene complexes. Industrially important terminal olefins as well as new polymer precursors can be synthesized in a selective manner using these catalytic systems.Ethenolysis reactions of rapeseed oil‐derived fatty acid methyl ester mixture, catalyzed by homobimetallic ruthenium alkylidene complexes exhibit high selectivity at RT.