Thermolysis of the 1,1'-biphosphirane pentacarbonylmetal complex offers access to 3,4-dihydro-1,2-diphosphete and diphosphorus (P2) intermediates. A control reaction proves that this step-wise reaction is initiated by the dissociation of a W(CO)5 group. DFT calculations predict that further transformations proceed via a transient phosphiranylphosphinidene complex. The formation of the 3,4-dihydro-1,2-diphosphete derivative is thermodynamically favored, while a kinetic process provides the diphosphorus (P2) complex.