The competition between kinematic, relativistic, and Coulomb interactions has spurred intense experimental and theoretical investigations in iridium-based oxides. Their electronic structure is mostly understood in terms of the spin-orbital coupled effective state (). However, the role of the Ir charge state in shaping the strength of effective spin-orbit coupling and defining the stability of the ground state has not been thoroughly explored. We argue here that the iridium-ruthenium triple perovskites, (, Mg, and In), are of particular interest in this regard. Using ab initio theory, we show here that the nominal charge states of Ir can be tuned from () to () by choosing nonmagnetic ions as , and , while the Ru ions always remain in nominal () charge state. This variation modulates the influence of the spin-orbit coupling (SOC), which is found to be negligible in , moderate in , and determining in . Our analysis classifies as a correlation-driven insulator arising from Hubbard interactions and exchange-split states, as a SOC and correlation-driven insulator that does not conform to the commonly expected ground state and as Mott-Hubbard insulator. In the data reported here, the correlational electronic structure theory results in sizable magnetic moments of both Ru and Ir atoms in these systems and atomistic spin-dynamics simulations capture the experimental Néel temperature for and and provide evidence for a phase transition for when T 0 K, to a multivalley magnetic state with strong magnetic frustration. The theory identifies that strong SOC in induces bond-dependent magnetic couplings with significant Dzyaloshinskii-Moriya interaction, strong symmetric anisotropic exchange, and finite in-plane single-ion anisotropy. The realization of such strong anisotropic interactions helps to stabilize a particularly complex energy landscape of , which opens up for exotic magnetic quantum phases such as quantum spin liquid. Thus, by comparing the electronic structure and magnetism of isostructural iridates with different Ir-charge states, we provided a theoretical framework to demonstrate the structural and electronic conditions that drive the deviations from conventional magnetic ordering, facilitating the emergence of exotic quantum phases.