Preparation of oxycodone

A process for preparing oxycodone or an oxycodone salt, wherein the oxycodone or oxycodone salt has low levels of impurities (especially 14-hydroxycodeinone) is disclosed. The process comprises the steps of: a) preparing a mixture comprising oxycodone and a solvent and adjusting the pH of the mixture to less than 6; and subsequently b) exposing the mixture to hydrogenation reagents for a period of at least 1 hour. This process provides oxycodone with very low levels of alpha,beta-unsaturated ketone impurities. Oxycodone or an oxycodone salt produced according to the process of the invention has low levels of alpha,beta-unsaturated ketones and is advantageously incorporated into pharmaceutical products.