In solution, this compound readily dissociates one of the three phosphine ligands, thereby generating a reactive 16-electron complex that binds or oxidatively adds a variety of substrates such as alkynes, olefins, dihydrogen, and dioxygen.

The compound has a trigonal bipyramidal molecular geometry and, in solution, exists as a mixture of two isomers that rapidly interconvert.

The compound can be prepared by magnesium reduction of the corresponding ruthenium(II) dichloride complex in the presence of an excess of phosphine.

An improved base-promoted method involves the reduction of a ruthenium(II) carbonyl chloride with base in the presence of excess phosphine.

The derivative Ru(CO)2H2(PPh3)2, obtained by exposing the complex to hydrogen, is a catalyst in the Murai olefin coupling reaction between terminal alkenes and the ortho C-H position of a phenone.