The reactivity of the iminodiphosphane C6H4(o‐CN)N=PPh2−PPh2, which contains an N=P−P unit, has been investigated. Reaction with small molecules, [viz. H2O/O2, H2O2, CH3OH, C6H4(o‐CN)NH2] and elemental sulfur result in cleavage of the P−P bond to give aminophosphane‐derivatised compounds. The products from these reactions have been characterized spectroscopically, including two by single‐crystal X‐ray diffraction. The reactivity of the iminodiphosphane towards the transition metal complexes [M(cod)Cl2] (M = Pd or Pt) has also been investigated. In the reactions, the iminodiphosphane rearranges to form the more common diphosphonylamine (P−N−P) unit which chelates to the metal centres. Three different compounds were isolated from these reactions and they have all been fully characterised by spectroscopy and single‐crystal X‐ray diffraction. (© Wiley‐VCH Verlag GmbH & Co. KGaA, 69451 Weinheim, Germany, 2004)