The reaction of [TpRuCl(PPh3)2] [Tp = hydrotris(pyrazolyl)borate] with P(CH2OH)3 (thp) afforded [TpRuCl(PPh3)(thp)] (1). Compound 1 heated at reflux in NCMe yielded the cationic compound [TpRu(NCMe)(PPh3)(thp)]Cl (2). The reaction of 1 with terminal alkynes R–C≡CH [R = Ph, p‐C6H4Me, Si(Me)3, EtC(O)O] and with the propargylic alcohol [Ph2(OH)C–C≡CH] in methanol gave the new metallacyclic cationic carbenes [TpRu{κ2‐(C,P)=C(CH2R′)OCH2P(CH2OH)2}(PPh3)]Cl [R′ = Ph (3a), p‐C6H4Me (4a), H (5a), MeC(O)O (6a)] and [TpRu{κ2‐(C,P)=C(CH=CPh2)OCH2P(CH2OH)2}(PPh3)]Cl (7a), respectively. When methanolic solutions of compounds 3a–5a were heated at reflux for several hours, the compounds eliminate formaldehyde to afford the new carbene complexes [RuTp{κ2‐(C,P)=C(R″)OCH2PH(CH2OH)}(PPh3)]Cl [R″ = CH2Ph (3b), CH2C6H4Me (4b), CH3 (5b), respectively]. Compound 7a showed a very high tendency to eliminate formaldehyde. As a result, the carbene [RuTp{κ2‐(C,P)=C(HC=CPh2)OCH2PH(CH2OH)}(PPh3)]Cl (7b) formed is always present during the synthesis of 7a. When heating at reflux in methanol was sufficiently prolonged, pure 7b was obtained. When the reaction of 1 with R–C≡CH [R = Ph, p‐C6H4Me, (Me)3Si] and with Ph2(OH)CC≡CH was performed in refluxing toluene, the neutral oxaphosphacarbene complexes [TpRuCl{κ2‐(C,P)=C(CH2R)OCH2P(CH2OH)2}] [R = Ph (8), p‐C6H4Me (9), (Me)3Si (10)] and [TpRuCl{κ2‐(C,P)=C(CH=CPh2)OCH2P(CH2OH)2}] (11) were obtained. Compound 9 was structurally characterised by X‐ray diffraction analysis.