Herein, we report an expedient synthesis of fused phosphorus-containing heterocycles via Rh-catalyzed cascade C-H activation, alkyne insertion, and lactonization reactions. The substrate scope and the group tolerance are good, as various substituted benzoic acids, N-methoxybenzamides, and 2-phenylindoles could go through the reactions smoothly to afford the corresponding products in moderate to high yields. Additionally, excellent regioselectivities are shown in the alkyne insertion with the assistance of an electron-withdrawing phosphonate group.