A process for the production of 1,4-butanediol is described. The process comprises hydroformylating allyl alcohol in the presence of a solvent and a catalyst system comprising a rhodium complex, a ruthenium complex and a diphosphine ligand and hydrogenating the resulting 4-hydroxybutyraldehyde using the same catalyst system. The process gives high yield of 1,4-butanediol compared to 2-methyl-1,3-propanediol.