The present work is aimed at the understanding of the condensation by-products role in wet peroxide oxidation processes. This study has been carried out in absence of catalyst to isolate the (positive or negative) effect of the condensation by-products on the kinetics of the process, and in presence of oxygen, to enhance the oxidation performance. This process was denoted as oxygen-assisted wet peroxide oxidation (WPO-O2) and was applied to the treatment of phenol. First, the influence of the reaction operating conditions (i.e., temperature, pH0, initial phenol concentration, H2O2 dose and O2 pressure) was evaluated. The initial phenol concentration and, overall, the H2O2 dose, were identified as the most critical variables for the formation of condensation by-products and thus, for the oxidation performance. Afterwards, a flow reactor packed with inert quartz beads was used to facilitate the deposition of such species and thus, to evaluate their impact on the kinetics of the process. It was found that as the quartz beads were covered by condensation by-products along reaction, the disappearance rates of phenol, total organic carbon (TOC) and H2O2 were increased. Consequently, an autocatalytic kinetic model, accounting for the catalytic role of the condensation by products, provides a well description of wet peroxide oxidation performance.