Acid‐catalyzed condensation of 1,3‐butadiene with para‐quinones and oxidation of resulting adducts can be performed as a one‐pot process in the presence of aqueous solutions of Mo‐V‐phosphoric heteropoly acids (HPA) with the general formula HaPzMoyVxOb. These solutions have bifunctional catalytic properties; they are both strong Brønsted acids and reversible oxidants. Condensation of hydroquinone, 1,4‐benzoquinone, or 1,4‐naphthoquinone with 1,3‐butadiene in the HPA solutions results in 9,10‐anthraquinone (AQ) in a mixture with tetrahydro‐AQ (THA) and dihydro‐AQ (DHA). In this one‐pot process, which proceeds in the absence of organic solvents, the HPA solution is reduced. A slightly soluble mixture of THA, DHA, and AQ is precipitated and filtered off. The non‐Keggin‐type H12P3Mo18V7O85 solution is the most effective in this process. This solution can be rapidly regenerated by dioxygen or air at temperatures of up to 170 °C and then reused. The prepared THA+DHA+AQ mixture can be used as a catalyst for alkaline delignification of wood. Our homogeneous bifunctional HPA catalyst is very stable and promising for use in similar one‐pot processes.