The degradation efficiencies of phenol in aqueous solution were studied by semi-continuous experiments in the processes of ozone alone, ozone/bulky $Co_3O_4$ and ozone/$Co_3O_4$ nanoparticles. Catalyst samples (bulky $Co_3O_4$ and $Co_3O_4$ nanoparticles) were characterized by X-ray diffraction and transmission electron microscopy. The Brunauer-Emmett-Teller surface area, $pH_{pzc}$ and the density of surface hydroxyl groups of the two catalyst samples were also measured. The catalytic activity of $Co_3O_4$ nanoparticles was investigated for the removal of phenol in aqueous solutions under different reaction temperatures. Tert-butyl alcohol had little effect on the catalytic ozonation processes. Based on these results, the possible catalytic ozonation mechanism of phenol by $Co_3O_4$ nanoparticles was proposed as a reaction process between ozone molecules and pollutants.