A novel recyclable liquid phase catalyst system consisting of polyether metal diphosphinite complex anchored in polyethylene glycol was developed. The concept involves the use of liquid phase catalyst that is soluble in organic solvents like toluene and was tested for a variety of reactions like hydroformylation, hydrogenation, carbon dioxide fixation, and C-C coupling reactions in a homogeneous manner. The catalyst, in liquid form, can be quantitatively separated from the reactants/products with the help of addition of antisolvent and thus can be easily recycled.