Single‐molecule (SM) chemistry is devoted to unravel reaction steps which are hidden in cuvette experiments. Controversies about the substrate activation during the Tsuji‐Trost deallylation motivated us to study, on the single‐molecule level, the kinetics of the catalyst precursor Pd(PPh3)4 with our recently designed two‐color fluorescent probes. Photochemical, metal‐free bypass reactions were found and taken into account by the combination of spectrally separated single‐molecule TIRF‐microscopy and state‐of‐the art analysis procedures. Unselective π‐complex formation (KD≈103 M−1) precedes the insertion of the active catalyst into the C−OR bond (RO−=leaving group), indicated by the lacking immediate change of fluorescence color. The formed intermediate then decomposes on a time scale of≥2 – 3 s to the deallylated product
