A new zeolite-based catalyst for direct conversion of benzene to phenol (BTP reaction) is reported. Both Fe- and Cu-exchanged Beta catalysts, Fe-Cu/Beta, were prepared by the aqueous ion-exchange method with their contents varied. The states of Fe and Cu species were characterized by UV-vis and NO adsorbed FT-IR spectroscopy. Both Fe- and Cu-exchanged Beta catalyst showed a dramatically high catalytic activity in the liquid-phase BTP reaction compared to Fe/Beta and Cu/Beta; the phenol yield of 10.5% with the selectivity of 90% was achieved.