There is provided a process for producing adamantanol and adamantanone which comprises reacting adamantane and oxygen in the presence of an oxidation catalyst constituted of a rare earth metal salt and a promoter containing an element selected from group 4 to group 10 of the new Periodic Table, and it is made possible through the production process according to the present invention to produce 2-adamantanol and 2-adamantanone in a high selectivity, high efficiency and safety by oxidizing adamantane under a mild reaction condition.