A highly efficient multitasking FeOCN composite was synthesized in a single step by the fast heating of an Fe(III) salt and urea. The composite was confirmed by various spectroscopic and analytical techniques which include XRD, FTIR, Raman, FESEM, and XPS analysis. The composite was then investigated for various organic transformations and it was found to be excellent for the hydroformylation of 1‐octene in toluene under 50 bar syngas pressure at 95 °C. The composite was also found to be significantly active for the hydration reactions of alkynes and nitriles under acid‐ and base‐free conditions. The hydration reactions were performed in aqueous methanol at 120 °C and an excellent yield of regioselective products was obtained under optimized reaction conditions.