Despite its industrial importance metal-catalyzed hydroformylation has not found much application in organic synthesis. This may be primarily due to the difficulty in controlling selectivity issues in the course of this interesting carbon-carbon bond forming reaction. In the last decade a number of excellent solutions to these problems have been devised. Thus, frontiers of chemo-, regio-, diastereo-and enantioselectivity control in the course of the hydroformylation and their application in organic synthesis are the major focus of this review. Mechanistic and conceptual background have been included where appropriate. Additionally, recent progress in the field of domino reactions employing the hydroformylation as a key step is covered.