A new class of chiral C2‐symmetric bis(trialkyl)phosphine ligands has been prepared and used in Rh(I)‐catalyzed asymmetric hydrogenation reactions. The ligands, 1,2‐bis(alkylmethylphosphino)ethanes 1a‐g(abbreviated as BisP*, alkyl = t‐butyl, 1‐adamantyl, 1‐methylcyclohexyl, 1,1‐diethylpropyl, cyclopentyl, cyclohexyl, isopropyl) and 1,2‐bis(alkylmethylphosphino)methanes 2a‐d(abbreviated as MiniPHOS, alkyl = t‐butyl, cyclohexyl, isopropyl, phenyl) are prepared by a simple synthetic approach based on the air‐stable phosphine–boranes. These new ligands give the corresponding Rh(I) complexes, which are effective catalytic precursors for the asymmetric hydrogenation of a representative series of dehydroamino acids and itaconic acid derivatives. Enantioselectivities observed in these hydrogenations are universally high and in many cases exceed 99%. X‐Ray characterization of four precatalysts, study of the pressure effects, deuteration experiments, and characterization of the wide series of intermediates in the catalytic cycle are used for the discussion of the possible correlation between the structure of the catalysts and the outcome of the catalytic asymmetric hydrogenation.