2-Oxo-2H-chromen-3-yl)phosphonic acid monoethyl ester trihydrate (1) was synthesized, isolated, and spectroscopically as well as structurally characterized by means of single crystal X-ray diffraction; conventional and linear-polarized IR spectroscopy; electronic (UV-VIS-NIR) spectroscopy; 1 H, 13 C, and 31 P NMR. Quantum chemical DFT calculations have been performed in order to obtain information on the electronic structure and vibrational properties of 1, thus supporting the experimental data. The correlation between the structure and spectroscopic characteristics is discussed.