Reaction of amides with NaBH4-I2 system in THF gives the corresponding amines in 70–76% yields. Reduction of nitriles yields the corresponding amines in 70–75% yields. The I2/NaBH4 system is useful in the hydrocarboration of olefins and the corresponding alcohols are obtained in 78–92% yields after H2O2/OH− oxidation. The reagent system is also useful for the reduction of carboxylic esters and acids to the corresponding alcohols in 60–90% yields.