A lactone production method is characterized in that a reaction is performed in the presence of a catalyst with a molar ratio of cyclic ketone, a solvent, and hydrogen peroxide of 1:(0-80):(0.2-20) and a mass ratio of the catalyst and the cyclic ketone of 1:1-100 at a temperature of 5-75 DEG C and a pressure of 0.1-6.0 MPa, and lactone is obtained through recovery; the catalyst comprises a molecular sieve which is a titanium silicon molecular sieve with a MFI crystal structure; the crystal grain has a hollow structure, and the cavity part of the hollow crystal grain has a radial length of 5-300 nanometers; the molecular sieve sample has a benzene adsorption quantity of at least 70 mg / g under a condition with a temperature of 25 DEG C, P / P0 of 0.10, and adsorption time of 1 hour, and as for the low temperature nitrogen adsorption of the molecular sieve, a hysteresis loop exists between an adsorption isotherm and a desorption isotherm. Compared with the prior art, the invention overcomes the disadvantages of complex production process, equipment corrosion, potential safety hazard existence, and severe environment pollution for traditional peroxy acid oxidation methods.