We studied the mechanism of aldehydes oxidation by the system selenium-containing catalyst-hydrogen peroxide. On the basis of literature data analysis, our experimental results and developed kinetic model of the reaction, we stated that the oxidation of unsaturated aldehydes by Se-containing compounds and hydrogen peroxide occurs through the formation of intermediate active compound of peroxide nature, selenium peracid. Study of the kinetics of reaction with Se-containing catalysts in different oxidation state (0, +4, and +6) showed that the highest reaction rate was observed when selenium oxidation level was +4. It was also found that the nature of solvent significantly affects the reaction rate and solvents can be ranged by their positive effect as follows: formic acid>tertiary alcohols>acetic acid>dioxane>acetone. It was shown that the oxidation reaction in acetic acid occurs even without catalyst but proceeds in several directions that causes low selectivity towards the target products. As a result of kinetic study, we determined that the concentration of hydrogen peroxide had no effect on the reaction rate; however, an increase in water concentration in the reaction mixture (which is introduced into the reaction mixture together with hydrogen peroxide solution) decreases the reaction rate. On the basis of the results of kinetic simulation, we showed that the oxidation of unsaturated and saturated aldehydes occurs through two following ways: it chiefly proceeds through the step of noncatalytic interaction of aldehyde with hydrogen peroxide in the case of saturated aldehydes, whereas this route occurs only to a small extent in the case of unsaturated aldehydes.