ZSM-5 zeolites modified by iron incorporation through post-synthesis ion exchange and those synthesized with iron addition to the synthesis medium were compared in the reaction of liquid hydrocarbons production from ethanol. AA, TPR, FTIR, XRD, SEM, nitrogen adsorption and photoacoustic spectroscopy were used for the samples characterization. Acid leaching and ammonium exchange were tested for obtaining the acid form of the zeolite, with similar results, the major difference being a faster deactivation in the latter case. The best yield of liquid hydrocarbons was obtained with the samples with low iron content. The product distribution in both gaseous and liquid phases was independent of the way the zeolite was obtained or the iron was introduced, with major variations only with time (due to deactivation). (C) 2007 Elsevier Ltd. All rights reserved.