Hydroformylation is one of the most important homogeneously catalyzed reactions on an industrial scale, which presents obvious advantages, especially in the manufacture of bulk chemicals. Although large-scale cobalt and rhodium catalyst processes have developed into mass production in the past 80 years, the search for more stable ligands, more active and selective catalytic systems has still been the focus of research. This article describes in detail the catalysts and various phosphine ligands, and their influence on the reactivity of hydroformylation. Moreover, safety issues in working with the toxic CO and relatively high investment costs hampers the broad use of small-scale fine chemicals. This article also introduces the use of CO_2 instead of CO as the starting material for hydroformylation to provide a new path for the carbon reducing hydroformylation.