Two consecutive [3+2] cycloaddition reactions of the diphosphanylketenimine (PPh2)2CCNPh (3), involving the phosphanyl groups, with two equivalents of the electron‐poor alkynes dimethyl acetylenedicarboxylate or methyl acetylenecarboxylate give rise to the formation of the bicyclic 1λ5,3λ5‐diphospholes 5 a,b, which contain a phosphorane unit with five carbon substituents attached to the phosphorus center. Compound 3 undergoes cyclodimerization by crystallization, affording the unsymmetrical dimer 6, which is converted back to 3 by heating in toluene. Compound 6 can be oxidized stepwise on the three trivalent phosphorus atoms by treatment with H2O2 affording 7, 9, and the transient species 10, which are transformed into their corresponding ketenimine monomers either spontaneously (10) or by heating in toluene (7, 9). In this way, the compound (OPPh2)(PPh2)CCNPh (8) is quantitatively obtained. Compound 8 readily reacts with the alkynes MeO2CCCCO2Me and MeO2CCCH, and with phenyl isocyanate and ethyl isothiocyanate through regiospecific [3+2] cycloaddition processes furnishing several λ5‐phosphole and λ5‐azaphosphole derivatives. Finally, the reaction of 8 with N‐methylpropargylamine yields the new 2,3‐dihydro‐1,4‐λ5‐azaphosphinine 15 through a cycloaddition process involving two functional groups from each molecule.