Process for the preparation of n-butyraldehyde and/or n-butanol, whereina) 1,3-Butadiene or a butadiene-containing hydrocarbon mixture is reacted with an alcohol of the formula IROH I, where R is C.sub.2 -C.sub.20 -alkyl or alkenyl which is unsubstituted or substituted by 1 or 2 C.sub.1 -C.sub.10 -alkoxy or hydroxyl groups, or is C.sub.6 -C.sub.10 -aryl, C.sub.7 -C.sub.11 -aralkyl or methyl, at elevated temperatures and superatmospheric pressure in the presence of a Bronsted acid or in the presence of a complex of an element of Group Ia, VIIA or VIIIA of the Periodic Table of Elements with phosphorus- or nitrogen-containing ligands to give a mixture of the adducts of the formulae II ##STR1## and III ##STR2## b) the adduct III is isomerized to the adduct II, c) the adduct II is converted into the acetal of the formula IV ##STR3## d) n-butyraldehyde and/or n-butanol are then produced from this acetal IV by reacting it, in the liquid phase, with hydrogen and water or water in the presence of a homogeneous or heterogeneous transition metal catalyst which differs from dicobaltoctacarbonyl or hydridocobalttetracarbonyl.