The present invention provides a novel production method which enables obtain a phosphorus compound having both an aromatic substituent and a phosphorinane backbone, without using an expensive hydrogen halide scavenger, without going through a complicated post treatment step or a step of recovering a solvent, and with a favorable yield and purity. In the present invention, step (1) of allowing phosphorus oxytrihalide to react with a phenol compound or naphthol compound at a molar ratio of 1.1-3.0:1 in the presence of metal halide, and removing unreacted phosphorus oxytrihalide, to produce a mono-substituted phosphorodihalidate; and step (2) of allowing the mono-substituted phosphorodihalidate obtained in the step (1) to react with a diol compound, at a 0.90 to 0.99 molar equivalent based on 1 mole of the halogen atom in the mono-substituted phosphorodihalidate so as to perform a dehydrohalogenation reaction, to obtain a phosphorus compound represented by Formula (V).