Ruthenium complexes [(η 5 -C 5 H 5 )Ru(κ 1 -P-PPh 2 Py)(PPh 3 )Cl] (1) and [(η 5 -C 5 H 5 )Ru(κ 2 -P-N-PPh 2 Py)(PPh 3 )] + (1a) containing diphenyl-2-pyridylphosphine (PPh 2 Py) are reported. Coordinated PPh 2 Py in the complex [(η 5 -C 5 H 5 )Ru(κ 1 -P-PPh 2 Py)(PPh 3 )Cl] (1) exhibits monodentate behavior. In presence of NH 4 PF 6 in methanol at room temperature it afforded chelated complex [(η 5 -C 5 H 5 )Ru(κ 2 -P,N-PPh 2 Py)(PPh 3 )] + (1a). Further, 1 reacted with various species viz., CH 3 CN, NaCN, NH 4 SCN and NaN 3 to afford cationic and neutral complexes [(η 5 -C 5 H 5 )Ru(κ 1 -P-PPh 2 Py)(PPh 3 )L] + and [(η 5 -C 5 H 5 )Ru(κ 1 -P-PPh 2 Py)(PPh 3 )L] [L=CH 3 CN (1b); CN − (1c); N 3 − (1d) and SCN − (1e)] and it’s reaction with N,N-donor chelating ligands dimethylglyoxime (H 2 dmg) and 1,2-phenylenediamine (pda) gave cationic complexes [(η 5 -C 5 H 5 )Ru(κ 1 -P-PPh 2 Py)(κ 2 -N-N)]PF 6 [κ 2 -N-N=dmg (1f) and pda (1g)]. The complexes 1–1g have been characterized by physicochemical techniques and crystal structures of 1, 1a, 1c, 1e and 1f have been determined by single crystal X-ray analyses. Catalytic potential of the complex 1 has been evaluated in water under aerobic conditions. It was observed that the complex 1 selectively catalyzes reduction of aldehyde into alcohol.