The nitrogen atmosphere reactions of phosphine–Rh(I), Rh(II), and Rh(III) chloride systems with NaBH4 and NaBH3CN and also similar reactions of [RhCl(CO)2]2 in the presence of phosphines are reported. Among the interesting products formed in the various reactions are hydrido, tetrahydroborato, hydrido–tetrahydroborato and hydrido–cyanotrihydroborato complexes such as the highly unstable Rh(I) species Rh(BH4)(PPh3)2, the much more stable Rh(II) complex RhH(BH4)(o-tolyl3P), the Rh(III)–5-phenyl-5H-dibenzophosphole (DBP) complex RhH2Cl(DBP)3, and the Rh(III) complex RhH2(BH3CN)(PPh3)3. Complexes of Rh(I) with BH3CN and additional CO and N2 ligands are also reported. These results are briefly discussed in the context of the previously proposed mechanism for the reaction of tetrahydroborate ion with Co, Ni, and Cu halides in the presence of phosphine ligands.