The 2‐tert‐butyl, 2‐phenoxy, and 2‐diethylamino derivatives of 1,3‐bis(trimethylsilyl)‐1,3,2‐diazaphospha‐[3]ferrocenophane were prepared, and the molecular structure of the latter was determined by X‐ray diffraction. The phosphines could be oxidized by their slow reactions with sulfur or selenium, and the molecular structures of three sulfides and one selenide were determined. In contrast, the synthesis of oxides was less straightforward. All new compounds were characterized in solution by multinuclear magnetic resonance methods (1D and 2D 1H, 13C, 15N, 29Si, 31P, and 77Se NMR spectroscopy).