A novel visible-light-driven catalytic activation of C=O bonds by exploiting the photoredox chemistry of 1,3,2-dioxaphospholes, readily accessible from α-diketones and trialkyl phosphites, is reported. This mild and environmentally friendly strategy provides an unprecedented and efficient access to the Wolff rearrangement reaction which traditionally entails α-diazoketones as precursors. The resulting ketenes could be precisely trapped by alcohols/thiols to give α-aryl (thio)acetates and by imines to afford the valuable β-lactams in up to 99 % yields.