The present invention relates to the process for the preparation of 2-(3-cyano-4-isobutyloxyphenyl)-4-methyl-5-thiazolecarboxylic acid, "Febuxostat" (1) and intermediates thereof. In particular the present invention relates to the process for the preparation of 3-(substituted-4,5-dihydrooxazol-2-yl)-4-isobutoxybenzothioamide (4) and its use for the preparation of Febuxostat (1). This compound has an action of regulating biosynthesis of uric acid in vivo and can be used as a therapeutic agent for hyperuricemia.