A continuous homogeneous liquid phase hydroformylation process which comprises reacting a dissolved butene-1 feed with CO and H.sub.2 at temperatures between about 120.degree. and 160.degree. C., a total pressure in the range of 100 to 700 psia to selectively produce n-valeraldehyde in the presence of tris-triphenylphosphine rhodium carbonyl hydride complex catalyst free from halogen on the rhodium wherein the homogeneous reaction medium comprises oxygenated solvents containing amyl alcohol, amyl propylheptanoate, valeraldehyde diamyl acetal, propylheptanal, propylheptanol, and excess triarylphosphine ligand having a minimum of 1 mole per kg. phosphorus equivalent based on said reaction medium and wherein the daily loss of catalyst activity is below 0.5%, continuously introducing reactants into the liquid reaction medium, continuously removing aldehyde products and unreacted reactants in the gas phase, separating the products by condensation and recirculating H.sub.2 and CO in the substantial absence of aldehyde product.