The insertion of CO into the Ni−C bond of synthetic Ni(II)−CH 3 cationic complex ([1-CH 3 ] + ) affords a nickel−acetyl complex ([1-COCH 3 ] + ). Reduction of resultant [1-COCH 3 ] + by borohydrides produces CH 3 CHO, CH 3 CH 2 OH, and an Ni(0) compound ([1] 0 ), which can react with CH 3 I to regenerate [1-CH 3 ] + . By conducting deuterium labeling experiments, we have demonstrated that CH 3 CHO is the primary product from CH 3 CH 2 OH in such CO transformation reactions. In the reduction of [1-COCH 3 ] + , the formation of CH 3 CHO competes with the loss of CH 4 , which leads to a Ni(0)−CO compound ([1-CO] 0 ) as a minor product. Our results establish fundamental steps in the exploration of nickel-mediated CO transformation to valuable chemicals.