This invention is directed to a process for regenerating a deactivated reforming catalyst by circulating a first oxygen-containing gas stream from a gas compressor to a catalyst bed in a reforming reaction zone in order to remove at least a portion of the carbonaceous deposits on the reforming catalyst. Then, a second oxygen-containing gas stream is further circulated from the gas compressor to the reforming catalyst bed, for oxidizing the reforming catalyst, and an inert gas stream is passed from the gas compressor through the reforming catalyst bed to purge a substantial portion of the oxygen contained therein for a time sufficient to reduce the oxygen content of an exiting purge gas stream to less than about 2% by volume oxygen.