Disclosed is a method for producing an ester or lactone in which a secondary alcohol represented by following Formula (1) (wherein Ra and Rb each represent an organic group, or Ra and Rb may be combined to form a ring together with the adjacent carbon atom) is oxidized by molecular oxygen in the presence of a nitrogen-containing cyclic compound containing a structure represented by following Formula (I) [wherein X represents an oxygen atom or an —OR group (wherein R represents a hydrogen atom or hydroxyl-protecting group)] as a constituent of its ring, and at least one of a fluorine-containing alcohol and a fluorinated sulfonic acid, and thereby yields a compound represented by following Formula (2):