The invention relates to a preferably continuous process for the preparation of R- or S-2-hydroxy-4-phenylbutyric acid in very high enantiomeric purity, which comprises reducing 2-oxo-4-phenylbutyric acid with the enzyme D-lactate dehydrogenase from Staphylococcus epidermidis or with the enzyme L-lactate dehydrogenase from bovine heart, respectively, in the presence of NAD(H) and formate or ethanol and formate dehydrogenase or alcohol dehydrogenase, respectively. R-2-hydroxy-4-phenylbutyric acid is a valuable intermediate in the preparation of ACE inhibitors or their precursors.