In this contribution, we investigated the key factors for the successful preparation of methylaluminoxane (MAO) from CO 2 and Me 3 Al by analyzing the reaction intermediates and by-products. The preparation of MAO, which possesses high cocatalytic ability, requires a precise amount of CO 2 feed. GC-MS and NMR analysis of the product suggested that tertbutoxyaluminum species was a key intermediate, which guaranteed the involvement of CO 2 in the formation of MAO. The pre- [a]