Abstract: A process for the production of fatty alcohols containing from 2 to 5 carbon atoms, which comprises reacting an olefin containing from 2 to 5 carbon atoms with water. The reaction is effected at a temperature of from 150 to 280.degree. C and a pressure of from 10 to 70 atmospheres in the presence of an aluminosilicate catalyst, type Y zeolite, containing a calcium cation and chromium oxide, and which may also contain a chromium cation and/or at least one cation of a rare-earth element. The process of the invention is preferably carried out in a mutual solvent for the reactants (the olefin and water), and under a mild set of conditions and provides for a sufficiently high yield of the desired product. The high selectivity of the catalyst employed in the process ensures a high purity of the product alcohols. The catalyst is further distinguished by its stability.