The P−H‐functionalized phosphanyl alcohols RHPCH2CHMeOH [R = Ph (1), 2,4,6‐Me3C6H2 (Mes) (2), 2,4,6‐iPr3C6H2 (Tipp) (3)] and 2‐PHR‐1‐OH‐cyclo‐C6H10 [(R = Ph (4), Mes (5), Tipp (6)] have been prepared by ring‐opening of propene oxide or cyclohexene oxide, respectively, with the appropriate LiPHR species, followed by hydrolytic workup and distillation (1−4) or recrystallization (5, 6). 1−6, which were obtained as diastereomeric mixtures, have been characterized spectroscopically (1H, 13C, 31P NMR, IR, MS). Only in the case of 6 could separation of the diastereomers be achieved by fractional crystallization and the molecular structure of the racemic isomer (CR,CR,PR/CS,CS,PS) has been determined. In situ double deprotonation of 1−6 with BuLi gave the corresponding dianions 1a−6a. The molecular structure of the dilithio salt [Li2(THF)0.5{(CR,CR/CS,CS)‐2‐P(2,4,6‐iPr3C6H2)‐1‐O‐cyclo‐C6H10}]4 (6a) has been determined and shows that it is tetrameric in the solid state with a central Li8 cluster.