A process for preparing aromatic urethane by reacting an aromatic nitro compound, a hydroxy group-containing organic compound having at least one hydroxy group, and carbon monoxide at elevated temperatures under high pressure in the presence of a catalyst comprising a platinum group metal and/or a compound thereof, a Lewis acid, and a tertiary amine, which comprises allowing ferrous hydroxide and/or ferric hydroxide to coexist in the reaction system. This process so remarkably accelerates the reaction that it is completed in a short time, and the process enables the preparation of aromatic urethane in a high yield using a small amount of the platinum group metal catalyst.