The present invention relates to a method for catalytic oxidation of cycloketone in the presence of magnesium and aluminum modified titanosilicate molecular sieve. The method is characterized by allowing reaction at a temperature of 5-200 DEG C under a pressure of 0.1-3.0 MPa at a molar ratio of cycloketone to solvent to hydrogen peroxide of 1:(0-80):(0.2-20) in the presence of a catalyst, and recovering product, wherein a weight ratio of the catalyst to cycloketone is 1:(5-300). The catalyst is obtained by modifying titanosilicate molecular sieve with magnesium and aluminum, wherein a weight ratio of magnesium (based on magnesia) to titanosilicate molecular sieve is x, and x=0.001-0.99; and a weight ratio of aluminum (based on alumina) to titanosilicate molecular sieve is y, and y=0.001-0.99.