A diglyme solution of Na[cyclo-P5] (1) reacts with alkynes and isolobal nitriles and phosphaalkynes to afford the otherwise elusive (aza)phospholide anions 2 a–c, 4 a,b, and 6. The reaction of Na[cyclo-P5] with alkynes and nitriles was studied by means of DFT methods, which suggested a concerted mechanism for the formation of 2 a and 4 b. The anions 2 a–c, 4 a,b, and 6 coordinate in an η5-fashion towards FeII to give the sandwich (aza)phosphametallocenes 3 a–c, 5 a,b and 7 in moderate to good yields. The new compounds were characterized by means of multinuclear NMR spectroscopy, single-crystal X-ray diffraction and cyclic voltammetry.