The synthesis of highly strained bicyclic phosphirane and phosphirene iron–tetracarbonyl complexes, that is, complexes with 2‐aza‐1‐phosphabicyclo[n.1.0]alkanes and ‐alkenes (n=3–5), is explored by using intramolecular cycloaddition of an in situ generated electrophilic phosphinidene complex, [R(iPr)NPFe(CO)4], to its CC‐ and CC‐containing R substituent. Saturated bicyclic complexes 7 a–c with n=4–2 are remarkably stable, as illustrated by the X‐ray crystal structure for 7 b (n=3), yet all readily undergo retroaddition to react with phenylacetylene. Shuttling of the phosphinidene iron complex between two equivalent CC groups is demonstrated for a 1‐butene‐substituted 2‐aza‐1‐phosphabicyclo[3.1.0]hexane by selective 1H NMR magnetization transfer from the phosphirane protons to the olefinic protons. Even the more strained unsaturated bicycles 17 a,b (n=4,3) are surprisingly stable as illustrated by the X‐ray crystal structure for 17 a (n=4), but the smaller phosphabicyclo[3.1.0]hex‐5‐ene (17 c, n=2) dimerizes to tricyclic 19 with a unique ten‐membered heterocyclic ring; an X‐ray crystal structure is reported. Like their saturated analogues also the bicyclic phosphirenes readily undergo retroaddition as shown by the reaction of their phosphinidene iron moiety with phenylacetylene.