The invention provides a method of liquid-phase reaction using a soluble metallic catalyst in which the soluble metallic catalyst is caused to coexist with an anion-exchange resin during the reaction and the reaction is conducted under such conditions that 50% or more of the soluble metallic catalyst is adsorbed onto the anion-exchange resin. The anion-exchange resin having the soluble metallic catalyst adsorbed thereon is separated from the liquid reaction mixture to thereby recover the soluble metallic catalyst and reuse it in a liquid-phase reaction. The soluble metallic catalyst is efficiently used, recovered, and reused with great ease at low cost in various liquid-phase reactions using the soluble metallic catalyst.