Silsesquioxanes containing Si‐OH functional groups are employed in many fields of chemistry as building blocks and reagents, but synthetic procedures for their synthesis may not always be so easy (due to parallel, possible side reactions) and, amongst other issues, generate significant amounts of chlorine waste. In this paper, we demonstrate an efficient, versatile and chlorine‐free synthetic procedure to obtain these systems. Reusable and highly active carbon‐supported palladium catalysts, as well as a commercially available Karstedt's catalyst were found to be active in the transformation of Si‐H anchored to various silsesquioxanes into corresponding Si‐OH and Si‐OR (R = alkyl, aryl) derivatives using water, alcohols, and phenols, respectively. A series of silsesquioxane compounds with the abovementioned functionalities was obtained and fully characterized.