Tris(hydroxypropyl)phosphine is widely used as a reducing agent in various chemical reactions, particularly in the synthesis of nanoparticles. Its ability to reduce metal ions to their metallic form makes it valuable in the production of silver, gold, and other metal nanoparticles, which are essential in fields like catalysis, electronics, and medical diagnostics.

In the pharmaceutical industry, it serves as a key reagent in the preparation of active pharmaceutical ingredients (APIs) and intermediates. Its reducing properties are also utilized in organic synthesis to facilitate the formation of complex molecules.

Additionally, it is employed in polymer chemistry as a stabilizer or cross-linking agent, enhancing the properties of polymers for specific applications. Its versatility and effectiveness in reduction processes make it a crucial component in both industrial and research settings.