The [4+2] cycloaddition of 2-(2′-pyridyl)-4,6-diphenyl-λ3-phosphinine with the highly reactive dienophile hexafluoro-2-butyne has been studied and the first pyridyl-functionalized 1-phosphabarrelene was obtained and structurally characterized. Although monodentate CF3-1-phosphabarrelenes show only a poor coordination ability, the chelating nature of the novel P,N-hybrid ligand gives access to various transition-metal complexes. Upon irradiation with UV light, the pyridyl-functionalized 1-phosphabarrelene undergoes a rather selective di-π-methane rearrangement in the coordination sphere of the metal center, leading to the formation of a complex based on a hitherto unknown pyridyl-functionalized 5-phosphasemibullvalene derivative. DFT calculations provide first insights into the mechanism of this reaction.