To provide a method for producing various organic compounds containing oxygen with good productivity by oxidizing an organic substrate with oxygen efficiently at low cost.

The organic substrate is oxidized by bringing it into contact with oxygen in the presence of an N-hydroxy cyclic imide, a cobalt compound of 0.1 mol% or less of the organic substrate and a vanadium compound of 0.1 mol% or less of the organic substrate. By this method, ketones, alcohols, hydroperoxides and carboxylic acids are produced from hydrocarbons, as well as ketones and carboxylic acids are produced from alcohols.