Used as an intermediate in the synthesis of organophosphorus compounds, particularly in the production of pesticides and flame retardants. It serves as a reagent in the Arbuzov and Michaelis–Arbuzov reactions to form phosphonates, which are important in pharmaceuticals and agrochemicals. Also employed in the preparation of ligands for catalysts in organic transformations. Its ability to act as a reducing agent and nucleophile makes it valuable in fine chemical synthesis. Additionally, it functions as an antioxidant and stabilizer in the plastics and resin industry to improve heat resistance and oxidation resistance.