In the presence of phosphine oxides, specifically triphenylphosphine oxide (P14), the cobalt-catalyzed hydroformylation of olefins takes place under mild conditions compared to traditional processes. It is shown that the addition of P14 dramatically improves the preactivation of the classic cobalt precatalyst, thus saving time and energy. In addition, we show that anisole, a solvent with a high sustainability rank, can be used advantageously in such processes.