Spectacular platinum(0): 1,2‐Oxaplatinacycles 2 were formed unexpectedly from 2‐hydroxybenzyl sulfide derivatives 1 by bond cleavage mediated by platinum(0) (see scheme; nb=norbornene). The thermal reaction of 2 gave novel six‐membered 1,2,3‐oxaphosphaplatinacycles through ring expansion accompanied by the insertion of a phosphorus atom into the PtO bond and the 1,2‐shift of a phenyl group.