Heterodentate phosphines containing anionic organophosphorus groups remain virtually unexplored ligands in the coordination chemistry of coinage metals. A hybrid phosphine-phosphine oxide (o-Ph2PC6H4)2P(O)H (HP3O) readily forms the disilver complex [Ag2(P3O)2] (1) upon deprotonation of the (O)P-H fragment. Due to the electron-rich nature, the anionic phosphide oxide unit in 1 takes part in efficient intermolecular hydrogen bonding, which has an unusual and remarkably strong impact on the photoluminescence of 1, changing the emission from red (644 nm) to green-yellow (539 nm) in the solid. The basicity of the R2(O)P- group and its affinity for both inter- and intramolecular donor-acceptor interactions allow converting 1 into hydrohalogenated (2, 3) and boronated (4) derivatives, which reveal a gradual hypsochromic shift of luminescence, reaching the wavelength of 489 nm. Systematic variable-temperature analysis of the excited state properties suggests that thermally activated delayed fluorescence is involved in the emission process. The long-lived excited states for 1-4, the energy of which is largely regulated by means of the phosphide oxide unit, are potentially suitable for triplet energy transfer photocatalysis. With the highest T1 energy among 1-4, complex 4 demonstrates excellent photocatalytic activity in a [2+2] cycloaddition reaction, which has been realized for the first time for silver(I) compounds.