A process in which a recovered phenol compound obtained in polycarbonate production with a specific polycondensation catalyst is subjected as a starting material to transesterification and decarbonylation to produce a diaryl carbonate while avoiding various problems caused by impurities, and the diaryl carbonate is subjected to polycondensation to thereby industrially advantageously produce a polycarbonate. The process comprises: a first step in which a diaryl oxalate is synthesized by the transesterification of a dialkyl oxalate with a phenol compound; a second step in which a diaryl carbonate is obtained by the decarbonylation of the diaryl oxalate; a third step in which a polycarbonate is produced by the polycondensation of the diaryl carbonate with a polyhydroxy compound; and a fourth step in which the phenol compound yielded as a by-product in the polycondensation system is separated therefrom and the recovered phenol compound is purified to obtain a purified phenol compound in which the content of the impurities derived from the polycondensation has been reduced. The resultant purified phenol compound is circulated for use in the transesterification as the first step.
