Due to their limited capacity for π‐backdonation, isolation of π‐complexes of main‐group elements remains a great challenge. We report herein the synthesis of a homoleptic diphosphene lead complex (2) from the degradation of P4 with a bis(germylene)‐stabilized Pb(0) complex. Structural and computational studies showed that 2 possesses significant π bonding interactions between Pb atom and diphosphene ligands, which is reminiscent of transition‐metal diphosphene complexes. Consistent with its unique electronic structure, complex 2 can deliver Pb(0) atoms to perform redox reaction with an iminoquinone to produce a cyclic plumbylene (4) and perform 2,5‐dimethyl‐3,4‐dimethylimidazol‐1‐ylidene (IMe2Me2) induced phosphorus cation abstraction to give an anionic PbP3 complex (6).