The oxidative polycondensation reaction of 4-methylphenol in the presence of hydrogen peroxide has been carried out and its regularities and products have been investigated. It has been shown that as a result of proceeding of this reaction the oligomers, macromolecules of which are made from 1-hydroxy-4-methylphenylene links combining through 2,6-positions of benzene rings are formed. The influence of reaction on yield of oligomer products has been studied, the values of kinetic and activation parameters have been found and the mechanism of reaction has been proposed