The reaction of alkynylstannanes with 1‐phenyl‐3,4‐dimethylphosphole at 150 °C affords the corresponding 2‐stannyl‐1‐phosphanorbornadienes (2a, b), in fair yield. Oxidation under mild conditions affords the corresponding phosphane oxides (3a, b), whereas more drastic conditions (H2O2, 15% in toluene at 80 °C) induce the oxidative cleavage of the P‐CH2 bond of the bridge to give a bicyclic phosphinate such as 4. Treatement of 4 by iodine leads to a tin → iodine exchange. The X‐ray crystal structure analysis of the resulting 1‐phospha‐2‐oxabicyclo[2.2.2]octa‐5,7‐diene 1‐oxide confirms the functionalisation at the α‐position and the relief of ring strain taking place upon insertion of oxygen into the P‐CH2 bond of the norbornadiene. The 2‐stannyl‐1‐phosphanorbornadiene 1‐oxides (3a, b) readily undergo tin → iodine exchange. The resulting 2‐iodo derivatives (6a, b) can be cross‐coupled with 2‐furyl‐, 2‐thienyl‐, 2‐pyrrolyl‐, phenylethynyl‐, and vinyl‐tributylstannanes to give the corresponding 2‐functional 1‐phosphanorbornadiene 1‐oxides in excellent yields (80‐95%)