The use of 3d metals in de/hydrogenation catalysis has emerged as a competitive field with respect to "traditional" precious metal catalyzed transformations. The introduction of functional pincer ligands that can store protons and/or electrons as expressed by metal-ligand cooperativity and ligand redox-activity strongly stimulated this development as a conceptual starting point for rational catalyst design. This review aims at providing a comprehensive picture of the utilization of functional pincer ligands in first-row transition metal hydrogenation and dehydrogenation catalysis and related synthetic concepts relying on these such as the hydrogen borrowing methodology. Particular emphasis is put on the implementation and relevance of cooperating and redox-active pincer ligands within the mechanistic scenarios.