NOVELTY - Fuel ethanol and drinkable alcohol are produced by feeding steam phase extracted substance to molecular sieve absorbing tower and to rectifying column, in sequence; absorbing extracted substance on the top of rectifying column to prepare fuel ethanol; feeding extracted substance from bottom of rectifying column to wastewater processing device; feeding condensed substance together with extracted substances from tower kettle to aldehyde removing tower; feeding aqueous ethanol to product tower; and collecting the side line on upper part of product tower as qualified drinkable alcohol product.    USE - Method for producing fuel ethanol and drinkable alcohol (claimed).    ADVANTAGE - The method can produce different types of alcohol product in the same alcohol device, can effectively reduce the consumptions in production process of fuel ethanol and drinkable alcohol and device investment, and can improve the market competitive strengths of fuel ethanol and drinkable alcohol.    DETAILED DESCRIPTION - Combined production method of fuel ethanol and drinkable alcohol comprises fermenting yeast mash, feeding crude alcohol to rectifying column, feeding extracted substance from the bottom of rectifying column to wastewater processing device, feeding steam phase extracted substance to molecular sieve absorbing tower, feeding extracted substance to rectifying column, absorbing extracted substance on the top of rectifying column via the molecular sieve dehydrating agent to prepare fuel ethanol. Drinkable alcohol product is prepared by feeding extracted substance from the bottom of rectifying column to wastewater processing device; condensing the extracted substance on top of rectifying column, feeding condensed substance together with extracted substances in one part of tower kettle to aldehyde removing tower; feeding aqueous ethanol from aldehyde removing tower to product tower as feeding material; and collecting the side line on upper part of product tower as qualified drinkable alcohol product. The method further comprises feeding the side lines on the middle and lower parts of the tower to recycling tower via the fusel oil; feeding the extracted substance on the top to the recycling tower; and feeding the extracted wastewater at the bottom of the tower kettle to aldehyde removing tower.