A process for preparing cyclopentanone and cyclopentene-1-carboxylic acid or an ester thereof of the formula I where R is hydrogen or an aliphatic radical having 1-6 carbon atoms or a cycloaliphatic, araliphatic or aromatic radical having 6-12 carbon atoms comprises heating a compound of the formula II X—(CH2)4—COOR  II where X is formyl or hydroxymethyl and R is defined as above, and/or a compound which is converted into a compound of the formula II by reaction with water or alcohols ROH under the reaction conditions to from 200 to 450° C. in the gas or liquid phase in the presence of a heterogeneous oxidic catalyst.