In the hydrogenation of phenol with H.sub.2 over Pd supported catalysts, the ratio of the products formed, cyclohexanone and cyclohexanol, can be predetermined by specific treatment of the catalysts during the initial activation and regeneration by O.sub.2 pretreatment and H.sub.2 treatment, the following time/temperature conditions being used:a) Cyclohexanone:cyclohexanol=85:15 to 98:2a1) for initial activation, no O.sub.2 pretreatment and H.sub.2 treatment for 50-10 hours at 300.degree.-500.degree. C.;a2) for regeneration, O.sub.2 pretreatment for 30-0.5 hours at 220.degree.-380.degree. C. and H.sub.2 treatment for 2-6 hours at 150.degree.-250.degree. C.;b) Cyclohexanone:cyclohexanol=30:70 to below 85:15b1) for initial activation, O.sub.2 pretreatment for 40-3 hours at 250.degree.-500.degree. C. and H.sub.2 treatment for 2-6 hours at 150.degree.-250.degree. C.;b2) for regeneration, O.sub.2 pretreatment for 30-0.5 hours at 380.degree.-600.degree. C. and H.sub.2 treatment for 2-6 hours at 150.degree.-250.degree. C.