Metal (Co, Rh, Pt/Sn)-catalyzed homogeneous hydroformylation reactions produce aldehydes, acetals, and alcohols, respectively, which are important aroma compounds that are used as ingredients in numerous perfumes, flavors, and foodstuffs. Indeed, not only the products, but also several olefins that are used as starting material have a pleasant scent. In this review, different methods for hydroformylation reactions are discusses, together with the typical aroma properties of the educts and products. We will show that hydroformylation is one of the most attractive synthetic methods in this area. Interestingly, its value seems to be rather underestimated and a re-evaluation may be necessary.