Phosphorylcarbenes, which have become known only recently during synthetic experiments in the field of phosphoryldiazoalkanes, have twofold preparative value. In the first place, they can be used to introduce phosphoryl groups into organic compounds, as in the phosphoryl‐cyclopropanation of alkenes or arenes and in the phosphorylcyclopropenation of alkynes. Secondly, phosphorylcarbenes readily undergo rearrangements; hydride, alkyl, aryl, or acyl shifts lead to phosphorylated alkenes. The phosphorylcarbene/methylenephosphane oxide rearrangement provides access to the short‐lived P analogs of the ketenes. Finally, the vinylcarbene/allene rearrangement was first discovered in this connection; it competes with ring closure to the cyclopropene.