The invention provides a process for preparing polyester polyols of polyhydric alcohols by mono- or polyesterification of at least one carboxylic acid having at least two acid groups and/or at least one derivative of a dicarboxylic acid with polyhydric alcohols, optionally with the addition of a catalyst, while removing the water of reaction, wherein the polyhydric alcohol used has a formaldehyde acetal content of less than 500 ppm.