The possibility of using maghemite (gamma-iron(III) oxide) as a catalyst for the oxidation of alcohols with atmospheric oxygen has been explored. It has been shown that maghemite is active in the oxidation of benzyl alcohols. In the case of benzyl alcohol, the oxidation leads to benzaldehyde with nearly 100% selectivity. It has been found that the addition of small amounts of basic cocatalysts can substantially increase the yield of the target products.