Cathodoluminescence spectra of CdP2 crystals are studied at 6 K. The spectra are excited by a pulsed beam of electrons under uniaxial deformation of the samples. It is established that the creation of tension in the a and c directions leads to a shift of all band maxima of the spectral short‐wavelength range to the low‐energy and high‐energy region. This is explained by a proportional change in the forbidden bandwidth induced by deformation. Variations in the intensity of certain sites of the radiation spectrum under crystal deformation as well as the investigation of temperature dependences of bands make it possible to explain their nature. The 2.142 eV line is associated with recombination of free excitons and the 2.132 and 2.110 eV bands are induced by recombination of excitons which are localized on isolated and nitrogen pair centres, respectively. Excitons which are localized on neutral acceptors and produced by intrinsic defects are responsible for the radiation with maximum of 2.097 eV.