A process for the preparation of cyclic phenolic oligomers starting from a phenol at least substituted in the para position and unsubstituted in both ortho positions and a formaldehyde source, comprising the synthesis of at least one linear phenolic oligomer in a basic reaction medium in a first step, and the cyclization of these linear phenolic oligomers in a substantially water-free, neutral or acidic medium in a second step, and wherein the linear oligomers obtained in the first step are not isolated.