With an in situ C‐H iodination tactic, an applicable method for the synthesis of chromone‐3‐phosphonates has been developed with trialkyl/triaryl phosphites as the reaction partners of o‐hydroxyphenyl enaminones by palladium catalysis. The product formation consists of cascade C‐H iodination, chromone annulation, and Arbuzov‐type C‐P cross coupling as major transformations. In addition to providing an enaminone‐based synthetic method to chromone‐3‐phosphonates, the work is of advantage for the step economy by skipping the separate operation for preparing iodo‐functionalized chromone intermediate.