U.S. Pat. Nos. 2,750,429, 4,259,536 and 4,482,766 disclose the preparation of fatty alcohols by the hydrogenation of fatty acids and/or fatty acid derivatives. For that purpose a very finely divided metal catalyst, which can contain copper, and usually has a particle size in the range from 1 to 100 micrometers, is employed. The used catalyst is contained in the product stream which is rich in fatty alcohols. The used catalyst is separated from that product stream and is recycled at least in part to the hydrogenating stage. Derivatives which may be supplied to the hydrogenating stage instead of fatty acids can comprise fatty acid esters or glycerides.