Conventional methods for the synthesis of phosphorus‐centered interelement compounds have required air‐ and moisture‐sensitive phosphorus sources, which generate a lot of waste. Therefore, the catalytic and atom‐economical formation of phosphorus–heteroatom linkages has been one of the challenging reactions. In this study, we found that the reaction of Ph2P(S)–P(S)Ph2 and iodine could predominantly form Ph2P(S)–I, which was quite stable to air and moisture and easy to handle . Subsequent one‐pot substitution reactions of Ph2P(S)–I with nucleophiles (i.e., alcohols, amines, and thiols) led to various phosphorus–heteroatom interelement compounds in moderate to excellent yields. In addition, catalytic formation of phosphorus–heteroatom interelement compounds was successfully achieved by regeneration of the I2 catalyst via oxidation of HI (generated in situ) in air.