An improved phenoxyphosphazene compound is produced by treating a phenoxyphosphazene compound with (a) at least one adsorbent selected from activated carbon, silica gel, activated alumina, activated clay, synthetic zeolite and macromolecular adsorbents, (b) at least one reagent selected from metal hydrides, hydrazine, hypochlorites, thiosulfates, dialkyl sulfuric acids, ortho esters, diazoalkanes, lactones, alkanesultones, epoxy compounds and hydrogen peroxide, or (c) both the adsorbent and reagent, thereby reducing the acid value of said phosphazene compound to lower than 0.025 mgKOH/g.

 
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