Polyesters are prepared by the reaction of a dicarboxylic acid, preferably an aromatic acid such as terephthalic acid, or an ester or ester-forming derivative thereof with a dihydroxy compound such as 1,4-butanediol in the presence of a catalyst composition comprising the combination of a titanium-based compound such as tetra-n-butyl titanate, a zirconium-based compound such as zirconium tetrakis(2,4-pentanedionate) and a phosphate-forming compound such as sodium dihydrogen phosphate. This catalyst composition affords polyesters having relatively low melt viscosities in short reaction times and does not produce an excessive level of undesirable reaction by-products.