Treatment of 2‐ethynylanilines with P(OPh)3 gives either 2,2‐diphenoxy‐2‐λ5‐phosphaquinolines or 2‐phenoxy‐2‐λ5‐phosphaquinolin‐2‐ones under transition‐metal‐free conditions. This reaction offers access to an underexplored heterocycle, which opens up the study of the fundamental nature of the NPV double bond and its potential for delocalization within a cyclic π‐electron system. This heterocycle can serve as a carbostyril mimic, with application as a bioisostere for pharmaceuticals based on the 2‐quinolinone scaffold. It also holds promise as a new fluorophore, since initial screening reveals quantum yields upwards of 40 %, Stokes shifts of 50–150 nm, and emission wavelengths of 380–540 nm. The phosphaquinolin‐2‐ones possess one of the strongest solution‐state dimerization constants for a D–A system (130 M−1) owing to the close proximity of a strong acceptor (PO) and a strong donor (phosphonamidate NH), which suggests that they might hold promise as new hydrogen‐bonding hosts for optoelectronic sensing.