Deprotonation of the MnI NHC‐phosphine complex fac‐[MnBr(CO)3(κ2P,C‐Ph2PCH2NHC)] (2) under a H2 atmosphere readily gives the hydride fac‐[MnH(CO)3(κ2P,C‐Ph2PCH2NHC)] (3) via the intermediacy of the highly reactive 18‐e NHC‐phosphinomethanide complex fac‐[Mn(CO)3(κ3P,C,C‐Ph2PCHNHC)] (6 a). DFT calculations revealed that the preferred reaction mechanism involves the unsaturated 16‐e mangana‐substituted phosphonium ylide complex fac‐[Mn(CO)3(κ2P,C‐Ph2P=CHNHC)] (6 b) as key intermediate able to activate H2 via a non‐classical mode of metal‐ligand cooperation implying a formal λ5‐P–λ3‐P phosphorus valence change. Complex 2 is shown to be one of the most efficient pre‐catalysts for ketone hydrogenation in the MnI series reported to date (TON up to 6200).