The invention discloses a preparation method of a biphenyl triphosphane ligand and an application thereof in hydroformylation reaction. The prepared biphenyl triphosphane ligand has the structure shown as a formula (I) or formula (II) described in the specification. In the formula (I), aryl substituent Ar is benzene, p-methyl benzene, m-benzenyl trifluoride, p-benzenyl trifluoride, 3, 5-dibenzenyl trifluoride, 3, 5-difluorobenzene, 3, 5-dimethyl benzene, 3, 5-di-tert-butyl benzene, 3, 5-di-tert-butyl-4-metoxybenzene, p-metoxybenzene, p-dimethylamino benzene, 2-pyridine, p-fluorobenzene or 2, 3, 4, 5, 6-pentafluoro benzene; in the formula (II), R is in a cyclic phosphonate structure. The biphenyl triphosphane ligand disclosed by the invention can be used as a linear hydroformylation reaction catalyst, so that the selectivity and reaction rate of hydroformylation reaction can be remarkably improved. The biphenyl triphosphane ligand is low in cost and has a huge practical value.