A stable diphosphorus analogue of Enders' N‐heterocyclic carbene has been prepared by taking advantage of the inherent π‐donor capabilities of phosphorus, which are as good as, or better than, those of nitrogen. The P‐heterocyclic carbene (see figure; C gray, N blue, P red) behaves as a strong donor ligand and forms transition‐metal complexes that are thermally and air stable.