A process for preparing heterophasic propylene copolymers by polymerizing propylene in the presence of a polymerization catalyst and hydrogen as a molecular weight regulator, the process comprising the following steps: a) polymerizing in gas- or liquid-phase propylene to prepare a crystalline polymer fraction; b) copolymerizing ethylene with propylene and/or 1-butene, and optionally one or more alpha-olefin comonomers C.sub.5-C.sub.12, in a gas-phase reactor having interconnected polymerization zones, wherein the growing polymer particles flow upward through a first polymerization zone (riser) under fast fluidization or transport conditions, leave said riser and enter a second polymerization zone (downcomer) through which they flow downward under the action of gravity.