The behavior of palladium-phosphorus catalysts deposited on a Na-ZSM-5 zeolite support, in the direct synthesis of hydrogen peroxide under mild conditions has been studied. It was found that elemental phosphorus exerts a promoting effect on the activity and selectivity of Pd catalysts for synthesizing H2O2. A direct relationship between the P:Pd ratio (in the range P:Pd = 0: 1.0) and the activity of the catalysts is shown. The influence of phosphorus on the properties of palladium catalysts in side reactions: decomposition and hydrogenation of H2O2 is considered. The chemical and phase composition of Pd-P particles was studied by ICP, HRTEM, electron diffraction, and XRD methods. The modifying effect of phosphorus on the properties of Pd catalysts in the direct synthesis of H2O2 is associated with the formation of solid solutions between palladium and phosphorus, an increase in the dispersion, and the surface roughness of Pd-P particles.