The sintering and redispersion kinetics of a Pt/Al2O3 naphtha reforming catalyst have been studied. The effect of the operating conditions, temperature, and oxygen and HCl concentration on the sintering and redispersion rates have been investigated. It was found that the rate of sintering depends on temperature and oxygen partial pressure. The rate of redispersion depends both on oxygen and HCl concentrations. A new kinetic model to study the sintering and redispersion phenomena has been developed. The model considers the evolution of the metallic dispersion as a reversible process and includes the effect of the operating conditions on the dispersion variation rate.