Treatment of 2-ethynylanilines with P(OPh)3 gives either 2,2-diphenoxy-2-λ5-phosphaquinolines or 2-phenoxy-2-λ5-phospha-quinolin-2-ones under transition metal-free conditions. This reaction offers unparalleled access to an underexplored heterocycle, which opens study of the fundamental nature of the N=PV double bond and its potential for delocalization within a cyclic π-electron system. This heterocycle can inherently serve as a carbostyril mimic, with application as a bioisostere for pharmaceuticals based on the 2-quinolone scaffold. Additionally, the molecule holds promise as a new fluorophore, as initial screening reveals quantum yields upwards of ~40%, Stokes shifts of 50–150 nm, and emission wavelengths of 380–540 nm. The phosphaquinolin-2-ones possess one of the strongest solution-state dimerization constants for a D-A system (130 M−1) due to the close proximity of a strong acceptor, P=O, and a strong donor, the phosphonamidate N–H, suggesting this class of compounds might hold promise as new hydrogen bonding hosts for optoelectronic sensing of anions and/or small molecules.