Hydroquinone-formaldehyde resin prepared from hydroquinone, formaldehyde and hydrochloric acid as a catalyst was shown to be oxidized with ferric chloride solution and regenerated by stannous chloride solution. The influence of various conditions of preparation on the capacity of oxidation was studied. Results show that the concentration of a solution of hydroquinone has not any effects below 14 parts of water to 1 part of hydroquinone, by the after-heat-treatment for 5-6 hours at 100-120 deg. C. the capacity of oxidation is exhibited a maximum, and decreased as the mole ratio of hydroquinone to formaldehyde increase. The optimum conditions for the preparation of this resin are as follows: hydroquinone 1 part to distilled water 10 parts, mole ratio of formaldehyde 1.2 to hydroquinone 1, and 5 hours of after-heat-treatment at 120 deg. C. The maximum capacity under the above conditions is 13.99 meq/g-ersin.