The synthesis route of the novel 6-mercapto-6H-dibenzo[c,e][1,2]oxaphosphinine 6-sulfide 4 from 6-chloro-6H-dibenzo[c,e][1,2]oxaphosphinine 1 and its spectroscopic investigation are presented. In addition, reaction of the thiol group with unsaturated functionalities such as acrylates demonstrated that the newly synthesized compound could undergo thiol-ene chemistry. Moreover, modification of the reaction condition led to the formation of the rearrangement product of a thiol-Michael reaction of compound 4 with benzoquinone.