Diaryl carbonates are prepared from dialkyl carbonates and phenolic compounds by transesterification in the presence of a transesterification catalyst at 60.degree.-320.degree. C. in an apparatus composed of two columns in a continuous procedure. In the first column, the starting materials form essentially the associated alkyl aryl carbonate, from which, in the second column, the diaryl carbonate is produced by further transesterification and disproportionation.