This review provides an overview of recent developments in the area of aqueous biphasic hydroformylation of higher olefins using metal catalysts and surfactants, cosolvents, thermoregulated ligands, cyclodextrins, and most importantly emerging water-soluble nonphosphine ligands. Water-soluble phosphine ligands have been widely explored for aqueous biphasic hydroformylation; however, phosphines are generally expensive and are prone to oxidation hence the recent interest in exploring other ligands. Various approaches have been used to introduce hydrophilicity to the ligands. The catalytic activity of monometallic and heterobimetallic systems containing nonphosphine ligands in aqueous biphasic media is emphasized in this review.