Reaction of the N‐lithioborazine LiH2N3B3Me3·OEt2 (2) in diethyl ether with PCl3 or PBr3 leads to the borazinylphosphanes (Me3B3N3H2)PX2, (Me3B3N3H2)2PX (X = Cl, Br), and (Me3B3N3H2)3P, depending on the initial stoichiometry. The analogous arsane and stibane derivatives were obtained in a similar manner. While (Me3B3N3H2)2PBr is reduced byLiAlH4 in diethyl ether/hexane to give the monophosphane (Me3B3N3H2)2PH (13), the reaction of (Me3B3N3H2)PBr2 (5) with LiAlH4 in diethyl ether/hexane produces the zwitterionic compound [Me3B3N2(HN)]–P+H2Et (14). Dehalogenation of (Me3B3N3H2)2PBr (6) with Na yields the diphosphane (Me3B3N3H2)2PP(H2N3B3Me3)2 (18), while the mixed diphosphane (Me3B3N3H)2PPmes2 (17) is obtained from 6 and LiPmes2. Dehalogenation of Me3B3N3H2PBr2 with Na results in the exclusive formation of (Me3B3N3H2)4P4 (19), while the reaction of 5 with Li2Pmes leads to a mixture of cyclotetraphosphanes (mes)4–n(Me3B3N3H2)nP4 (A–F) along with bicyclic P4mes2. The new compounds have been characterized by NMR and IR spectroscopy and partly by mass spectrometry. X‐ray structures for compounds, 4, 5, 6, 9, 13, 14, 17, 18, 19, and E have been determined. All show different B–N bond lengths within the borazine rings, and some have borazine rings in a half‐chair conformation.(© Wiley‐VCH Verlag GmbH & Co. KGaA, 69451 Weinheim, Germany, 2007)