The carbonylation of a nickel(II) anilido species 2 led to the formation of a dinickel(0)–CO complex (P2P‐PP2){Ni(CO)}2 3 with a P−P bond along with isocyanate generation. In this reaction, the central phosphide moiety of an anionic PPP ligand (PPP−=−P[2‐PiPr2C6H4]2) acts as a single‐electron donor to form a P radical. Alternatively, 3 can be synthesized from the reduction of (PPP)NiCl (1) in the presence of CO; thus, the reaction proceeds by radical coupling of a .P−Ni0−CO species. The reverse reaction occurred to generate 1 when 3 was treated with AgCl. Since the P−P bond is light‐sensitive, its homolysis is possible and was explored by EPR spectroscopy and DFT analysis. Finally, various bond‐activation reactions of 3 occurred under visible‐light conditions, thus indicating that a P−P bond can act as an active reaction site.