Subject-matter of the invention is a process for producing fatty alcohols by catalytic hydrogenation of fatty acid methyl ester (FAME), in which the FAME initially is hydrogenated to fatty alcohol (FA). The fractions of non-converted FAME remaining in the hydrogenation product are converted to wax ester and methanol in a succeeding transesterification step with FA. According to the invention, catalysts on the basis of magnesium oxide or hydrotalcite are used. After separating the methanol and the FA as target product, a stream enriched in wax ester is recirculated to the hydrogenation reactor.