Selective substitutions of Fe2(μ‐odt)(CO)6 (odt = 1,3‐oxadithiolate, A) and small bite‐angle diphosphines (Ph2P)2X [X = CH2 (dppm) or N (CH2CHMe2) (dppa)] have been well investigated in this study. With Me3NO·2H2O in MeCN at room temperature, the reaction of A and dppm produced the monodentate complex [Fe2(μ‐odt)(CO)5(κ1‐dppm)] (1), whereas the similar reaction with dppa afforded the chelate complex [Fe2(μ‐odt)(CO)4(κ2‐dppa)] (2). Using UV irradiation in toluene emitting at 365 nm, the treatment of A and dppm rarely resulted in the formation of the bridge complex [Fe2(μ‐odt)(CO)4(μ‐dppm)] (3), whereas the similar treatment with dppa formed the chelate complex 2. Under thermolysis condition, refluxing solution of A with dppm or dppa gave the bridge complex 3 and [Fe2(μ‐odt)(CO)4(μ‐dppa)] (4), respectively, in which the former was formed in toluene (110 °C) but the latter was produced in xylene (138 °C). All the new complexes 1–4 obtained above were characterized by element analysis, FT‐IR, NMR (1H, 31P) spectroscopies, and particularly for 1–3 by X‐ray crystallography. Furthermore, the in situ protonations of 2 with a weak acid HOAc (acetic acid) and a strong acid TFA (trifluoroacetic acid) are explored by means of FT‐IR and NMR (1H, 31P) spectra. In addition, the electrochemical behaviors of 2–4 are studied and compared through cyclic voltammetry (CV) in the absence and presence of a strong acid (TFA) as a proton source, indicating that they all are active for electrocatalytic proton reduction to hydrogen (H2).