Oxygenated compounds, particularly alcohols, with 2-18 C atoms are produced from CO+H2 and olefins in presence of a Fe, Co, or Ni catalyst. The operation is performed in 2 reaction zones whereby the reaction product from the 1st zone, which contains the metal catalysts in the form of carbonyl compounds, is carried over into the 2d zone, where it is treated with H2, thus regenerating the metal catalyst. The olefin mixture is heated with a synthesis gas, which contains about 44% CO and 55% H2, in the 1st reaction zone in the presence of a Co catalyst to 121°-204° at a pressure of 100-300 atm. The conversion mixture is separated into a gaseous and a liquid product by cooling, the liquid product being passed into the 2d reaction zone where it meets a stream of H2. Both components, the liquid mixture and the H2, are passed from bottom to top of the Co catalyst located herein. The temperature here is 121°-204°, the pressure 100-200 atm., and the time of contact 15-60 min. or more. In the 2d chamber, the aldehydes, produced in the 1st chamber as an intermediate product, are converted into alcohols by contact with the H2.