The Keggin type 12- molybdophosphoric acid is modified by incorporation of vanadium and iron and studied for oxidation of various alcohols using molecular oxygen as oxidant. The molybdophoshoric acid catalyst containing both vanadium and iron is highly active compared with the catalysts containing either vanadium or iron in the Keggin structure. The iron exchanged vanadium incorporated molydophosphoric acid catalyst is active for the oxidation of various primary and secondary alcohols under mild conditions and reusable without any appreciable loss in activity.