The modification of Cu-exchanged zeolites with phosphorus represents a promising method to enhance their hydrothermal stability, which is of pivotal importance for catalysts that promote the selective catalytic reduction of NO with ammonia (NH₃–SCR). In this study, we investigated the reaction mechanism of NH₃–SCR catalyzed by a phosphorus-modified CHA zeolite that contains active Cu species (Cu-P-CHA), and assessed the effect of the phosphorus modification on the hydrothermal stability of the catalyst by employing in situ/operando spectroscopic methods. In their entirety, the combined results from in situ/operando IR, UV–vis, and XANES experiments revealed that the NH₃–SCR process over Cu-P-CHA proceeds via the reduction of Cu(II) to Cu(I) followed by a reoxidation of Cu(I) to Cu(II). In addition, we found that the phosphorus modification improved the hydrothermal durability of the catalyst by retaining a higher amount of the redox-active Cu species and the zeolite framework.