A method for producing ethanol and coproducing methanol on a catalyst in a reactor using a co-feed of a synthesis gas and acetate as a reaction raw material comprising passing a raw material gas containing an acetate and a synthesis gas through a reactor loaded with a catalyst to produce ethanol and coproduce methanol under conditions of a reaction temperature of 150-350° C., a reaction pressure of 0.1-20.0 MPa, a reaction volume hourly space velocity of 100-45000 mlg−1h−1, and an acetate weight hourly space velocity of 0.01-5.0 h−1; and the active components of the catalyst are copper and optionally zinc and/or aluminum, which greatly facilitates the conversion of carbon monoxide to methanol, while an extremely high activity of acetate hydrogenation is maintained.