Exploration of the metallomimetic chemistry of main group elements is of the utmost importance from the perspective of both fundamental research and potential applications. Here, we report the synthesis, bonding analysis, and reactivities of an isolable diiminoborane, Mes*B≡N─N≡BMes* (Mes* = 2,4,6-tri-tert-butylphenyl) (1), a BN analogue of butadiyne. This species is characterized by a conjugated B≡N─N≡B moiety, a structural feature that enables the controlled release of N2 when it is exposed to organic nitriles. Furthermore, the N2 unit in 1 could be reduced to an ammonium salt via cleavage of the BN triple bond. Our work shows a rare example of an unsaturated BN system, serving as a platform for both the release and reduction of N2. This discovery opens new pathways and holds substantial influence on the future design of functional main group N2 species.