The potential universality of chemical transformation principles makes it a powerful tool for nanocrystal (NC) synthesis. An example is the nanoscale Kirkendall effect, which serves as a guideline for the construction of hollow structures with different properties compared to their solid counterparts. However, even this general process is still limited in material scope, structural complexity, and, in particular, transformations beyond the conventional solid-to-hollow process. We demonstrate in this work an extension of the Kirkendall effect that drives reversible structural and phase transformations between metastable metal chalcogenides (MCs) and metal phosphides (MPs). Starting from Ni3S4/Cu1.94S NCs as the initial frameworks, ligand-regulated sequential extractions and diffusion of host/guest (S2-/P3-) anions between Ni3S4/Cu1.94S and Ni2P/Cu3P phases enable solid-to-hollow-to-solid structural motif evolution while retaining the overall morphology of the NC. An in-depth mechanistic study reveals that the transformation between metastable MCs and MPs occurs through a combination of ligand-dependent kinetic control and anion mixing-induced thermodynamic control. This strategy provides a robust platform for creating a library of reconfigurable NCs with tunable compositions, structures, and interfaces.