A kinetic model for the transformation of aqueous ethanol into hydrocarbons on a HZSM-5 zeolite has been proposed for the 623-723 K range on the basis of experiments carried out in an isothermal fixed-bed reactor with feeds of ethene, ethanol-water mixtures of different mass ratios, and diethyl ether. The kinetic model is of interest for directly upgrading the liquid product obtained by the fermentation of carbohydrate wastes. It is based on the latest progress made in the catalytic transformation of methanol and quantifies the attenuating effect of water in the reaction medium in all the steps of the kinetic scheme.