For its important roles in biology, nitrogen monoxide (·NO) has become one of the most studied and fascinating molecules in chemistry. ·NO itself acts as a "noninnocent" or "redox active" ligand to transition metal ions to give metal-NO (M-NO) complexes. Because of this uncertainty due to redox chemistry, the real description of the electronic structure of the M-NO unit requires extensive spectroscopic and theoretical studies. We previously reported the Ni-NO complex with a hindered N3 type ligand [Ni(NO)(L3)] (L3- denotes hydrotris(3-tertiary butyl-5-isopropyl-1-pyrazolyl)borate anion), which contains a high-spin (hs) nickel(II) center and a coordinated 3NO-. This complex is very stable toward dioxygen due to steric protection of the nickel(II) center. Here, we report the dioxygen reactivity of a new Ni-NO complex, [Ni(NO)(I)(L1″)], with a less hindered N2 type bis(pyrazolyl)methane ligand, which creates a coordinatively unsaturated ligand environment about the nickel center. Here, L1″ denotes bis(3,5-diisopropyl-1-pyrazolyl)methane. This complex is also described as a hs-nickel(II) center with a bound 3NO-, based on spectroscopic and theoretical studies. Unexpectedly, the reaction of [Ni(NO)(I)(L1″)] with O2 yielded [Ni(κ2-O2N)(L1″)2](I3), with the oxidation of both 3NO- and the I- ion to yield NO2- and I3-. Both complexes were characterized by X-ray crystallography, IR, and UV-Vis spectroscopy and theoretical calculations.