PURPOSE: The reaction of allyl acetate with acetic acid and oxygen is effected in the presence of a high-activity and selectivity catalyst composed of iodine ion and nitric acid to produce the title compound used as a solvent or a raw material of glycerol.

CONSTITUTION: An excess amount of acetic acid and molecular oxygen (under pressure, preferably 0.1W100kg/cm2 of oxygen partical pressure) are made to act on allyl acetate to produce glycerol acetate wherein as a catalyst, are used an iodine compound forming 0.05W0.2mol/l iodine ion in the reaction system such as iodine element, hydrogen iodide, lithium iodide, hypoiodous acid and 0.05W0.2mol/ l of nitric acid and the reaction temperature is preferably kept to 90W140°C.