A process for the oxidation and oxidative dehydrogenation of hydrocarbons, in particular ethylbenzene, to form corresponding oxidized or olefinically unsaturated compounds, in particular styrene, over an oxygen-conferring, oxygen-regenerable catalyst involving a working period, a time-displaced regenerating period and at least one intermediate rinsing period comprises effecting a partial regeneration during the working period by time-displaced addition of a substoichiometric amount of oxygen.