The intramolecular thermal [1,2]‐electrophilic migration of an alkyl group from the heteroatom of an ylide to the adjacent carbanion center upon the treatment with a strong base, resulting in the formation of a neutral molecule such as sulfide or a tertiary amine is generally known as the Stevens rearrangement. It has been found that only under harsh conditions, does a phosphorus ylide undergo the Stevens rearrangement, and this particular rearrangement is also known as the phospha‐Stevens rearrangement. In general, the Stevens rearrangement occurs for the listed ylides bearing a rather acidic α‐proton but missing the β‐hydrogens, otherwise, the competitive Hofmann elimination may take place. The Stevens rearrangement is often competed with an auto‐oxidation/cleavage occurring at the low temperatures. It has been found that the configuration of the migratory group is moderately or highly retained after the migration to the adjacent carbon atom. This reaction has very broad application in organic synthesis.