The title compound is a co-crystal of [2-[(benzoylmethylene)diphenyl-lambda5-phosphino]ethyl]diphenylphosphine oxide, [2-[(benzoylmethylene)diphenyl-lambda5-phosphino]ethyl]diphenylphosphine and water in an approximate 2:1:3 ratio, with an overall composition of C34H30O1.678P2.H2O. The ylidic portion shows the expected electronic polarization, and the organic components are linked by a combination of C-H...O and C-H...pi(arene) hydrogen bonds.