Two-phase Wacker oxidation of 1-alkenes and styrenes catalyzed by palladium complexes with water-soluble beta-cyclodextrins was studied. It was shown that the proposed catalyst systems exhibit substrate selectivity depending on the structure of beta-cyclodextrins. The maximum activity was demonstrated by the systems containing palladium complexes with beta-cyclodextrins modified with nitrile-containing groups. In contrast to alkenes, styrenes were oxidized to produce not only ketones but also aldehydes. The ratio of product yields depends on the cyclodextrin structure and temperature.