The bifunctional catalytic activity of 30% 12-tungstophosphoric acid impregnated to MCM-41 (TPA(3)/MCM-41) and zirconia (TPA(3)/ZrO2) was explored for acid catalysis as well as oxidation reactions. The effect of various reaction parameters such as molar ratio, amount of catalyst, time, and temperature was studied to optimize the conditions for maximum conversion. The catalysts show the potential of being used as recyclable catalytic materials after simple regeneration without significant loss in conversion. TPA(3)/MCM-41 shows high activity in terms of % conversion toward esterification as well as oxidation reaction as compared to that of TPA(3)/ZrO2. High catalytic activity of TPA(3)/MCM-41 may be due to its porosity and higher surface area as well as high total acidity.