Although the affinity of metallocorroles to axial ligands is quite low,t his is not the case when the chelated element is phosphorus. This work is hence focusedo nt he mechanism of ligand exchange of six-coordinate phosphorus corroles as at ool for affecting their chemical and physical properties. These fundamental investigations allowed for the development of facile methodologies for the synthesis of a large series of complexes and the establishment of several new structure/activity profiles that may be used to understand and predict spectroscopic features and for tailor-made modification of photophysical and electrochemical properties. This is exemplified by the facile access to complexes with terminal groups that are of large potentialf or practical applicationsb ased on click chemistry,o ptical imaging, and surfacescience.Scheme1.Oxo-, hydroxo-and trans-bishydroxo-P V chelated by corrole, porphyrin, or phthalocyanine.[a] Q.