The invention is directed to a method for adjusting the air/fuel ratio for an internal combustion engine having a catalytic converter connected downstream thereof which is capable of storing oxygen. In this method, the oxygen components in the exhaust gas of the engine are detected upstream of the catalytic converter and downstream thereof and the adjustment of the fuel/air ratio is influenced. In the method, a measure for the instantaneous oxygen fill level of the catalytic converter is determined from the above-mentioned oxygen components with the aid of a model. Data as to the state of deterioration of the catalytic converter are derived from the model parameters. The air/fuel ratio is so adjusted that the oxygen fill level of the catalytic converter is held to a constant mean level.