The reaction of [Mo(κ2‐dppe)(κ4‐P4)] (1a) {dppe = PPh2CH2CH2PPh2, P4 = meso‐o‐C6H4(PPhCH2CH2PPh2)2} with 1 atm of H2 at room temperature selectively gave [MoH2(κ2‐dppe)(κ3‐P4)] (3a). The W analogue of 1a reacted with 1 atm of H2 at 80 °C to form a mixture of [WH2(κ2‐dppe)(κ3‐P4)] and [WH4(κ4‐P4)] (5b), the latter of which could be cleanly prepared by the reduction of [WBr2(κ4‐P4)] with NaBH4 in ethanol at 50 °C. The molecular structure of complex 5b differed from that of the related complex [WH4(dppe)2] and showed much higher reactivity. Insertion into the W–H bonds took place in the reaction of 5b with CS2 at 50 °C to give the methylenedithiolate complex [W(κ2‐S2CH2)(κ4‐P4)] (6) as the sole product, and the hydride ligands in 5b were replaced by isocyanides at 80 °C to form [W(CNR)2(κ4‐P4)] {R = tBu (7), 2,6‐Me2C6H3 (8)} in moderate yields. The detailed structures were determined by X‐ray crystallography for 3a, 5b, 6, and 7, while the fluxional behavior of 3a in solution was clarified by variable‐temperature NMR (VT NMR) spectroscopic studies.