The influence of various factors on the activity of catalysts prepared on the basis of Pt–Ga/HNa-ZSM modified with oxides of different rare earth elements (REE) in the reaction of oxidative dehydrogenation of 4-vinylcyclohexene to ethylbenzene and styrene has been studied. It has been established that the activity of the system changes within a wide range depending on nature of REE oxides. A high yield of ethylbenzene and styrene as well as the reaction selectivity has been obtained using a system prepared by introduction of a 1.5–2.0 wt.% quantity of a mixture of Gd₂O₃+Tb₄O_7-x+La₂O₃, Gd₂O₃+Pr₆O_11-x+La₂O₃, Gd₂O₃+Nd₂O₃+La₂O₃ and Eu₂O₃+Gd₂O₃+La₂O₃ oxides into the initial zeolite.