The pH-dependent hydrogen isotope exchange reaction between gaseous isotopes and medium isotopes and hydrogenation of the carbonyl compounds have been investigated with water-soluble bis(μ-thiolate)(μ-hydride)NiRu complexes, NiII(μ-SR)2(μ-H)RuII {(μ-SR)2 = N,N′-dimethyl-N,N′-bis(2-mercaptoethyl)-1,3-propanediamine}, as functional models for [NiFe]hydrogenases. In acidic media (at pH 4–6), the μ-H ligand of the NiII(μ-SR)2(μ-H)RuII complexes has H+ properties, and the complexes catalyse the hydrogen isotope exchange reaction between gaseous isotopes and medium isotopes. A mechanism of the hydrogen isotope exchange reaction between gaseous isotopes and medium isotopes through a low-valent NiI(μ-SR)2RuI complex is proposed. In contrast, in neutral–basic media (at pH 7–10), the μ-H ligand of the NiII(μ-SR)2(μ-H)RuII complexes acts as H−, and the complexes catalyse the hydrogenation of carbonyl compounds.