For producing methanol from a synthesis gas containing hydrogen and carbon oxides the synthesis gas is passed through a first, water-cooled reactor in which a part of the carbon oxides is catalytically converted to methanol. The resulting mixture containing synthesis gas and methanol vapor is supplied to a second, gas-cooled reactor in which a further part of the carbon oxides is converted to methanol. Subsequently, methanol is separated from the synthesis gas, and synthesis gas is recirculated to the first reactor. The cooling gas flows through the second reactor cocurrent to the mixture withdrawn from the first reactor.