We study the allylic oxidation of cyclohexene with O2 under mild conditions in the presence of transition‐metal catalysts. The catalysts comprise nanometric metal oxide particles supported on porous N‐doped carbons (M/N:C, M=V, Cr, Fe, Co, Ni, Cu, Nb, Mo, W). Most of these metal oxides give only moderate conversions, and the majority of the products are over‐oxidation products. Co/N:C and Cu/N:C, however, give 70–80 % conversion and 40–50 % selectivity to the ketone product, cyclohexene‐2‐one. Control experiments in which we used free‐radical scavengers show that the oxidation follows the expected free‐radical pathway in almost all cases. Surprisingly, the catalytic cycle in the presence of Cu/N:C does not involve free‐radical species in solution. Optimisation of this catalyst gives >85 % conversion with >60 % selectivity to the allylic ketone at 70 °C and 10 bar O2. We used SEM, X‐ray photoelectron spectroscopy and XRD to show that the active particles have a cupric oxide/cuprous oxide core–shell structure, giving a high turnover frequency of approximately 1500 h−1. We attribute the high performance of this Cu/N:C catalyst to a facile surface reaction between adsorbed cyclohexenyl hydroperoxide molecules and activated oxygen species.