This review covers recent advances in hydroformylation reactions of olefins to make hydroformylation more broadly accessible. After a brief introduction on the history of hydroformylation, the review covers two main areas of hydroformylation research. The first section focuses on hydroformylations catalyzed by metals other than rhodium. The second section discusses syn-gas surrogates, reagents that are easier to handle and are more environmentally friendly. The review also highlights new hydroformylation catalyst designs, particularly bimetallic catalysts and asymmetric catalysts. The final section of the review discusses various applications of hydroformylation, including tandem reactions and its use in target-oriented synthesis.