A reduced or partially reduced nickel-molybdenum catalyst prepared by a process having the steps of 1) reacting nickel carbonate and molybdenum oxide precursors to form nickel molybdate and 2) treating the nickel molybdate under reducing conditions to form the reduced or partially reduced nickel-molybdenum catalyst. There is also a process for making the catalyst. There is also a process for using the catalyst in the hydrogenation of an oxo aldehyde, thereby forming an oxo alcohol of high selectivity. There is also a process for forming an oxo alcohol from the hydroformylation/hydrogenation of an olefinic feedstream. There is also a process for forming an oxo alcohol by contacting formates, dimers, trimers, and organic acids with hydrogen in the presence of a reduced or partially reduced nickel-molybdenum catalyst. The foregoing processes are also useful with a catalyst having the general formula Y.sub.xZ wherein Y is nickel and/or cobalt and Z is molybdenum and/or tungsten; and wherein x ranges between about 0.25 to about 4.0. There are also reduced or partially reduced catalysts of the general formula Ni.sub.xMo or Y.sub.xZ wherein x ranges between about 0.25 to about 4.0 and wherein oxide precursors of the catalysts are substantially free of ammonium groups.