A series of water‐insoluble iron(III) and manganese(III) porphyrins, FeT(2‐CH3)PPCl, FeT(4‐OCH3)PPCl, FeT(2‐Cl)PPCl, FeTPPCl, MnT(2‐CH3)PPOAc, MnT(4‐OCH3)PPOAc, MnT(2‐Cl)PPOAc and MnTPPOAc, in the presence of imidazole (ImH), F−, Cl−, Br− and acetate were used as catalysts for the aqueous‐phase heterogeneous oxidation of styrenes to the corresponding epoxides and aldehydes with sodium periodate. Also, the effect of various reaction parameters such as reaction time, molar ratio of catalyst to axial base, type of axial base, molar ratio of olefin to oxidant and nature of metal centre on the activity and oxidative stability of the catalysts and the product selectivity was investigated. Higher catalytic activities were found for the iron complexes. Interestingly, the selectivity towards the formation of epoxide and aldehyde (or acetophenone) was significantly influenced by the type of axial base. Furthermore, Br− and ImH were found to be the most efficient co‐catalysts for the oxidation of olefins performed in the presence of the manganese and iron porphyrins, respectively. The optimized molar ratio of catalyst to axial base was different for various axial bases. Also, the order of co‐catalyst activity of the axial bases obtained in aqueous medium was different from that reported for organic solvents. The use of a convenient axial base under optimum reaction catalyst to co‐catalyst molar ratio in the presence of the manganese porphyrin gave the oxidative products with a conversion of ca 100% in a reaction time of less than 3 h. However, the catalytic activity of the iron porphyrins could not be effectively improved by increasing the catalyst to co‐catalyst molar ratio.