The trifluorophosphoranes TrtRPF3 (R = tert.‐Bu (1), Ph (2), NEt2 (3)) were obtained by the oxidative addition of TrtF (Trt = triphenylmethyl) to the difluorophosphines RPF2. At room temperature only 1 exhibited dynamic behaviour in solution, but at –5 °C the pseudorotation was slow enough to permit the differentiation of 1J(PFax) and 1J(PFeq) by 31P NMR spectroscopy. X‐ray structure analyses of 1, 2, and 3 confirm the expected trigonal bipyramidal geometry at phosphorus, with axial fluorine substituents. The trifluorophosphoranes 1–3 are of such stability towards water that hydrolysis was effected only under vigorous, basic conditions. The action of HCl or HBr on Trt(NEt2)PF3 (3) led, in a complex reaction, to the formation of TrtPF4 (5), besides 3 and PF3. As first observed for 1 by NMR spectroscopy at elevated temperature, in the case of 1 and 2 an equilibrium exists between TrtRPF3 and TrtF/RPF2. Accordingly, it was possible to trap TrtF or RPF2 by addition of I2, PCl3, AlCl3, and tetrachloro‐o‐benzoquinone (TOB) to solutions of 1 or 2. 3 was unreactive towards I2 and PCl3, whereas treatment with AlCl3 caused formation of (Et2N)PCl2 by cleavage of the P–C bond, and halogen exchange. If a mixture of toluene and ether was used, LiAlH4 reduced 1 and 2 to the corresponding secondary phosphines 8 and 9, while if only diethyl ether was employed under the same conditions, P–C bond rupture occurred in 2, and a mixture of PhPH2 and TrtH was obtained.