Propylene epoxidation over a Pd-Pt/TS-1 catalyst with in situ formed hydrogen peroxide was carried out in a fixed bed reactor under high pressure conditions. The continuous operation allowed the study of catalyst deactivation and changes in product distribution with time-on-stream. The initial propylene oxide selectivity was very high. 99% at 3.5% conversion, but the catalyst deactivated rapidly with time-on-stream and successively the formation of methyl formate became the prevalent reaction. Using carbon dioxide, instead of nitrogen, had a beneficial effect on the formation of propylene oxide, and even higher yields were obtained when increasing the pressure from 50 to 120 bar (supercritical fluid phase). Thermal analysis (TA-MS and TA-FTIR) indicated that catalyst regeneration requires oxidation at elevated temperature; washing with an organic solvent is less efficient. The serious catalyst deactivation and the striking shift in the selectivity pattern of the catalyst is traced to competing alcohol oxidation on platinum metal.