We investigate dissipative phase transitions in an open central spin system. In our model the central spin interacts coherently with the surrounding many-particle spin environment and is subject to coherent driving and dissipation. We develop analytical tools based on a self-consistent Holstein-Primakoff approximation that enable us to determine the complete phase diagram associated with the steady states of this system. It includes first and second-order phase transitions, as well as regions of bistability, spin squeezing and altered spin pumping dynamics. Prospects of observing these phenomena in systems such as electron spins in quantum dots or NV centers coupled to lattice nuclear spins are briefly discussed.