To provide a method for producing an alcohol and/or a ketone without consuming a catalyst in high conversion and high selectivity by subjecting an alkane to an oxidation reaction under a mild condition.

This method for carrying out an oxidation reaction of an alkane with a molecular oxygen-containing gas comprises using a compound having at least two transition metals selected from a group of metals of groups 4-7 and 11 in the periodic table, cobalt, nickel, ruthenium, rhodium, palladium, osmium, iridium and platinum in a heteropolyacid skeleton having a deficient structural site, and further having at least one site forming mutual edge-sharing with another transition metal.