A novel aqueous catalytic method for selective epoxidation of olefins and oxidation of saturated hydrocarbons to ketones using aqueous solution of tetra-n-butylammonium peroxomonosulfate (TBAOX) containing water-insoluble copper (II) phthalocyanine nanoparticles has been developed. No surfactants, additives, toxic reagents or solvents were involved. The impressive turnover numbers obtained for CuPc in this oxidation system displayed the high catalytic activity and relative stability of catalyst. The effective dispersity of CuPc in aqueous solution of TBAOX which yielded particles with average size of 30 nm, was the most important factor to affect the reaction rate. The catalyst could easily be recovered and reused without loss of activity and the reduced form of starting oxidant (n-Bu4NHSO4) could also be recycled. (C) 2012 Elsevier B.V. All rights reserved.