The effects of operating conditions on conversion and selectivity for toluene disproportionation reaction in a packed-bed reactor were investigated with the catalyst which is prepared by treating natural zeolite mined in Kuryongpo, Kyungsang-bukdo with hydrochloric acid solutions. The experimental results showed that toluene conversion increased with an increase in the reaction temperature or space time. Xylene selectivity decreased with an increase in space time. Deactivation by coke deposition decreased with an increase in hydrogen to toluene mole ratio. Regeneration of spent catalysts resulted in a slight decrease in the initial activity and a marked improvement in deactivation characteristics.