Tetra (p-sulfonato-phenyl) porphyrin rhodium hydride ([(TSPF)Rh-D(D2O)](-4)) (1) reacts in water (D2O) with carbon monoxide, aldehydes, and olefins to produce metallo formyl, alpha-hydroxyalkyl, and alkyl complexes, respectively. The hydride complex (1) functions as a weak acid in D2O and partially dissociates into a rhodium(I) complex ([(TSPP)Rh-1(D2O)](-5)) and a proton (D+). Fast substrate reactions of 1 in D2O compared to reactions of rhodium porphyrin hydricle ((por)Rh-H) in benzene are ascribed to aqueous media promoting formation of ions and supporting ionic reaction pathways. The regioselectivity for addition of 1 to olefins is predominantly anti-Markovnikov in acidic D2O and exclusively anti-Markovnikov in basic D2O. The range of accessible equilibrium thermodynamic measurements for rhodium hydride substrate reactions is substantially increased in water compared to that in organic media through exploiting the hydrogen ion dependence for the equilibrium distribution of species in aqueous media. Thermodynamic measurements are reported for reactions of a rhodium porphyrin hydricle in water with each of the substrates, including CO, H2CO, CH3CHO, CH2=CH2, and sets of aldehydes and olefins. Reactions of rhodium porphyrin hydrides with CO and aldehydes have nearly equal free-energy changes in water and benzene, but alkene reactions that form hydrophobic alkyl groups are substantially less favorable in water than in benzene. Bond dissociation free energies in water are derived from thermodynamic results for (TSPP)Rh-organo complexes in aqueous solution for Rh-CDO, Rh-CH(R)OD, and Rh-CH2CH(D)R units and are compared with related values determined in benzene.