There is disclosed a process for producing terephthalic acid which comprises oxidizing in a liquid-phase a starting raw material comprising p-xylene incorporated with 3 to 35% by weight of p-tolualdehyde based on the same at a temperature in the range of 120.degree. to 240.degree. C. by means of a molecular oxygen-containing gas by using a lower aliphatic monocarboxylic acid as a solvent in the presence of a catalyst comprising a manganese compound having 50 to 1000 ppm by weight of manganese atoms, a cobalt compound having 50 to 2000 ppm by weight of cobalt atoms and a bromine compound having 100 to 4000 ppm by weight of bromine atoms, each based on the solvent. By virtue of the above specific constitution, it is made possible to produce high-quality terephthalic acid with a high residual rate of the lower aliphatic monocarboxylic acid as a solvent minimized in its loss, thereby enabling the production of high-quality polyester with high whiteness from the above terephthalic acid and a glycol.