A thermodynamic analysis of hydrogen production from ethanol has been carried out with respect to solid polymer fuel cell applications. Ethanol processors incorporating either a steam reformer or a partial oxidation reactor connected to water gas shift and CO oxidation reactors were considered and the effect of operating parameters on hydrogen yield has been examined. Employment of feeds with high H2O/EtOH ratio results in reduced energy efficiency of the system. When hydrogen, non-converted in the fuel cell, is used to supply heat in the steam reformer, the effective hydrogen yield is essentially independent of the temperature of the reformer and the water gas shift reactor. Optimal operating conditions of partial oxidation processors have been determined assuming an upper limit for the preheat temperature of the feed. Results are discussed along with other practical considerations in view of actual applications.