Rh 2 P nanoparticles (NPs) have been identified as suitable mimics of [Rh I (Ph 3 P) 3 ] + , the benchmark of homogeneous catalysts in liquid-phase hydroformylation. For this reason, a fitted synthetic strategy is required to develop catalysts based exclusively on Rh 2 P NPs. To attain this, two synthetic pathways have been devised. In the first one, two separate sources of Rh and P were used. In the second one, the Wilkinson complex was employed as a unique source of Rh and P to probe the positive influence of the well-defined molecular organization on the preparation of dispersed and controlled Rh 2 P nanoparticles, stabilized by carbon patches formed during the pyrolysis treatment from PPh 3 . In addition, metallic Rh nanoparticles were also synthesized to be used as reference. All catalysts have been compared by means of: transmission electron microscopy, Xray diffraction, and X-ray adsorption spectroscopy. The application of XAS to the study of Rh 2 P NPs is unusual and has been essential in the discussion of the results. Starting with a well-defined metal precursor leads to the exclusive formation of Rh 2 P NPs with excellent catalytic activity for the liquid-phase hydroformylation. The role of P is to modulate the particle size and the electronic configuration of Rh species, resulting in the improvement of the catalytic performance and the obtention of turnover frequencies of 5236 h −1 at 60 °C and 17,788 h −1 at 100 °C.