This study investigated the performances of Rh single-atom catalysts (SACs), cluster catalysts, and nanoparticle (NP) catalysts in olefin hydroformylation. With various characterizations, we elucidated the distinct chemical/electronic properties of catalysts. Our findings revealed that Rh cluster catalysts exhibit distinctive characteristics between those of SAC and NPs, significantly influencing their catalytic performance. Notably, Rh cluster catalysts achieved a 5-fold increase in turnover frequency (~25,589 h−1) compared to SACs (~5,430 h−1) and a 9-fold increase relative to NP catalysts (~2,838 h−1). DFT calculations revealed that the Rh cluster catalysts possess optimal CO adsorption energies, allowing them to efficiently overcome the energy barrier for CO insertion during the propylene hydroformylation. This study highlights the unique properties of the Rh cluster catalysts and offers valuable insights into the design of catalysts for hydroformylation.