The cyclopentadienylidene-phosphinidene complex [Mo 2 Cp(μ-κ 1 :κ 1 ,η 5 -PC 5 H 4 )(η 6 -HMes*)(CO) 2 ] (1) (Cp = η 5 -C 5 H 5 ; Mes* = 2,4,6-C 6 H 2 t Bu 3 ) reacted with RCCR′ in refluxing toluene solutions to give the corresponding phosphide derivatives [Mo 2 Cp{μ-κ 1 ,η 5 :κ 1 ,η 1 -(C 5 H 4 )PCRCR′}(η 6 -HMes*)(CO) 2 ] (R = R′ = CO 2 Me; R = H, R′ = CO 2 Me, p-tol), displaying a phosphametallacyclobutene ring. In contrast, the phosphinidene complex [Mo 2 Cp 2 (μ-PH)(η 6 -HMes*)(CO) 2 ] (2) reacted with MeO 2 CCCCO 2 Me at room temperature to give first the monocarbonyl phosphide-acyl complex [Mo 2 Cp 2 {μ-κ 1 :κ 1 ,η 3 -PHC(CO 2 Me)C(CO 2 Me)C(O)}(η 6 -HMes*)(CO)], the latter evolving progressively to the isomeric dicarbonyl [Mo 2 Cp 2 (μ-κ 1 :κ 1 ,η 1 -PHC(CO 2 Me)C(CO 2 Me)}(η 6 -HMes*)-(CO) 2 ] (Mo−P ca. 2.57 Å). When different ligands such as CO, PMe 3 , P(OMe) 3 , or CNXyl were added at room temperature to toluene solutions containing compound 1 and different alkynes, relatively fast multicomponent reactions took place to give with good yields the corresponding phosphide-acyl complexes [Mo 2 Cp{μ-κ 1 ,η 5 :κ 1 ,η 1 -(C 5 H 4 )PCRCR′C(O)}(η 6 -HMes*)(CO) 2 ] (R = R′ = CO 2 Me; R = H, R′ = CO 2 Me, p-tol), and [Mo 2 Cp{μ-κ 1 ,η 5 :κ 1 ,η 1 -(C 5 H 4 )PC(CO 2 Me)C(CO 2 Me)C(O)}(η 6 -HMes*)(CO)(L)] (L = PMe 3 , P(OMe) 3 ) or the related phosphide-iminoacyl derivatives [Mo 2 Cp{μ-κ 1 ,η 5 :κ 1 ,η 1 -(C 5 H 4 )PCRCR′C(NXyl)}(η 6 -HMes*)(CO) 2 ] (Xyl = 2,6-C 6 H 3 Me 2 ; R = R′ = CO 2 Me; R = H, R′ = CO 2 Me, C(O)Me), respectively, all of them displaying five-membered phosphametallacyclopentenone or phosphametallacyclopentenimine rings. Separate experiments revealed that the latter complexes (R = R′ = CO 2 Me) could be decarbonylated photochemically to yield the corresponding monocarbonyls [Mo 2 Cp{μ-κ 1 ,η 5 :κ 1 ,η 3 -(C 5 H 4 )PC-(CO 2 Me)C(CO 2 Me)C(X)}(η 6 -HMes*)(CO)] (X = O, NXyl), the latter rearranging at room temperature to give the corresponding phosphametallacyclobutene isomers [Mo 2 Cp{μ-κ 1 ,η 5 :κ 1 ,η 1 -(C 5 H 4 )PC(CO 2 Me)C(CO 2 Me)}(η 6 -HMes*)-(CO)(CX)]. A side product was also formed during the photochemical treatment of the dicarbonyl substrate, it being finally isolated after chromatographic workup as the alkenylphosphide-chloride complex [Mo 2 CpCl{μ-κ 1 ,η 5 :κ 1 ,η 2 -(C 5 H 4 )PC-(CO 2 Me)CH(CO 2 Me)}(η 6 -HMes*)(CO)] (Mo−P = 2.553(2) and 2.436(2) Å ́).