Reactions of naphthyl‐ and o‐methylphenyl‐substituted phosphines with [RuCl2(p‐cymene)]2 resulted in the corresponding phosphine‐substituted ruthenium dichlorides (1a,b and 3). When the reactions of aryl‐substituted phosphines or phosphinites with [RuCl2(p‐cymene)]2 are carried out in the presence of sodium acetate, aryl‐substituted phosphines or phosphinites are cyclometalated to give the corresponding five‐membered metallacycle complexes (2a,b and 4–6) through the intramolecular activation of a C(sp2)–H or C(sp3)–H bond. Competition reactions indicate that the aromatic C(sp2)–H bond is more likely to be activated than the C(sp3)–H bond under the same conditions, and that a five‐membered ring is formed in preference to a six‐membered ring. The chemical reactivity of 2a,b, two representatives of cycloruthenated complexes, were explored, including conversion of 1a,b to 2a,b, a substitution reaction of the η6‐arene ligand in 2a, synthesis of a bis(phosphine) complex starting from 2b, and reaction of 2a with diphenylacetylene. Besides, their catalytic activity on the reduction of ketones by transfer hydrogenation was also tested. The molecular structures of nine compounds, 1b, 2a, and 4–10, were determined by single‐crystal X‐ray diffraction.