The physicochemical and technical properties of the R-98 reforming catalyst partially spent on a LK-6Us unit in the Achinsk refinery and changes in these characteristics during operation after four regeneration cycles have been studied. It has been found that during the time on stream of the catalyst, a reduction in the specific surface area, partial phase transformation of the oxide support, and buildup of carbon deposits and metal impurities serving as catalyst poisons take place. The regeneration did not afford complete recovery of the properties. In total, the above irreversible changes in the catalyst characteristics led to gradual degradation of the efficiency upon reforming.