The object of the present invention is to provide a method for manufacturing cycloalkanol and/or cycloalkanone with favorable selectivity coefficient by oxidizing cycloalkane with favorable degree of conversion.In the present invention, cycloalkane is oxidized with oxygen in the presence of a catalyst such that gold is supported on ceric oxide. Said oxidation is preferably performed in the presence of a free-radical initiator and the free-radical initiator is preferably 2,2'-azobis(isobutyronitrile).