Phosphine‐functionalized metal–organic frameworks (P‐MOFs) as an emerging class of coordination polymers, have provided novel opportunities for the development of heterogeneous catalysts. Yet, compared with the ubiquitous phosphine systems in homogeneous catalysis, heterogenization of phosphines in MOFs is still at its early stage. In this Minireview, we summarize the synthetic strategies, characterization and catalytic reactions based on the P‐MOFs reported in literature. In particular, various catalytic reactions are discussed in detail in terms of phosphine ligand structure‐function relationship, including the potential obstacles for future development. Finally, we discuss the possible solutions, including new types of reactions and techniques as the perspectives for the development of P‐MOF catalysts, highlighting the opportunities and challenges.