Pd nanoparticles supported on the chromium terephthalate metal organic framework MIL-101 (Pd/MIL-101) in different loadings (0.9 and 4.5 wt%) have been successfully prepared through a simple Pd-acetate adsorption and reduction in acetone, and tested as catalyst for selected liquid phase oxidation and hydrogenation reactions. The materials were characterized by XRD, N2 adsorption--desorption isotherm, TEM, SEM-EDX and ICP analysis. The parent MIL-101 structure was found well preserved after formation of Pd nanoparticles and after catalytic reaction runs. The present catalyst afforded good activity and selectivity for the oxidation of benzyl alcohol to benzaldehyde with 85% conversion and 97% selectivity using air (1 atm) at 85 degrees C after 14 h. The catalyst also showed good activity in the hydrogenation of the C=C bond in alkenes to corresponding alkanes and also benzaldehyde to benzyl alcohol at room temperature using H2 (1 atm). Rigorous test results confirmed that Pd-nanoparticles supported on MIL-101 are responsible for the catalytic reactions occurred. Pd/MIL-101 was reusable several times without losing the structural integrity and initial activity, and demonstrated significantly higher catalytic activities than those by a commercial Pd catalyst supported on activated carbon.