A catalyst system was designed for direct synthesis of diphenyl carbonate by oxidative carbonylation of phenol. Besides Pd carbonylation catalyst, inorganic and organic redox cocatalysts were included in the catalyst system for in situ regeneration of active Pd species. Copper(II) acetate was used as inorganic redox cocatalyst and hydroquinone was found to give good results as organic redox cocatalyst. Efficiency of various bases, effect of a drying agent, and optimum reaction conditions for achieving high catalytic activity were also investigated in detail. Using suitable components of catalyst system and under optimum reaction conditions, a Pd turnover number of 250 could be obtained.