Soon afterwards, he was replaced by Mihai Racoviță and became ruler of Wallachia, being thus the first Phanariot in that country – after the Porte decided to regulate the same system following the rebellion of Ștefan Cantacuzino.

He was also noted for awarding tax exemptions to the majority of high-ranking boyars, as one of the first rulers to concede to the growth of monetary economy and the decay of manorialism.

[1] At the same time, Mavrocordatos was influenced by the Age of Enlightenment, the founder of libraries, the builder of the monumental Văcăreşti Monastery and of the Stavropoleos Church, and himself the author of an original work entitled Peri kathekonton / Liber de Officiis (Bucharest, 1719).

A polyglot, he surrounded himself with savants from several parts of Europe, including the Daniel de Fonseca and Stephan Bergler; his library was among the continent's most treasured.

Mavrocordatos engaged in a correspondence with major religious figures of his time, including Jean Leclerc, William Wake, Archbishop of Canterbury, and Chrysanthus, Orthodox Patriarch of Jerusalem; the first volume written by an author from the Danubian Principalities to be published in England was Mavrocordatos', and it is during his last rule in Wallachia that a more intimate knowledge of politics and society in the Kingdom of Great Britain became evident in historical records kept by locals (the chronicler Radu Popescu recorded the accession of George II as King of Great Britain).